Quote:
Originally Posted by whatnext
One thing not noted here is the reduction of non-market and co-op units from 56% of the housing mix to 34%. Sure there is a net gain but it completely the wrong approach. Vancouver doesn't need more market condo buildings. It needs secure rental either guaranteed or owned by the city or another level of gov't. Given what the current residents went though, I don't know why anyone would buy a strata on land with a 60 year lease here.
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False Creek South achieved 34% non-market and co-op housing thanks to massive Provincial and Federal subsidies. Those aren't available any more. To fund secure rental owned by the City (as they are developing across the city today), there has to be a contribution from market housing to pay for it. There's no reason why future market/non market projects in False Creek South will necessarily be leasehold in future; the City could adopt the same approach as they have 601 Beach with a non-market podium and a freehold tower above.