This month, the City of Vancouver released its proposed Housing Vancouver Strategy (2018 – 2027), made in response to the previous strategy’s inability to address the worsening housing crisis. A public hearing is scheduled for this Wednesday, November 29th.
The plan includes for the construction of 72,000 homes − an increase of 25% to Vancouver’s current housing stock over 10 years; by comparison the 2012 plan aimed for an increase of 14% to the stock over 10 years. Further, the new plan has increased its target for social and supportive housing units by 50% over the old plan.
To put both sets of numbers in perspective, consider that in 2012 the total rental stock in Metro Vancouver was 37% of all housing stock, and the new plan will decrease that number to roughly 35% by 2027*, assuming the other cities in the metro area maintain their average contributions over the last 5 years.
At face value, the quantity of new units appears to be ambitious, but will this reduce (or reverse?) the effects of the housing crisis – and if so, for how long? The homeless rate has grown by 47% since 2011, only one year before the inception of the previous plan. Will doubling the number of new affordable units be enough?“More supply” is the tired trope of the development industry; are housing units the metric of success we should be measuring? “The source of the housing crisis is embedded in the commodification of property, and therefore some more direct targets might include:
- Decreasing the number of for-profit housing units as a percentage of the overall stock (in effect, saturating the market with affordable housing units thus reducing speculation)
- Specific methods to capture the monetary windfall gained from upzoning a property. The strategy currently outlines the use of community amenity contributions to this effect, a process which can increase the value of adjacent properties and inadvertently cause gentrification (City of Vancouver staff will bring back a policy report in early 2018 to advise on different approaches to stabilize land values)
There are three ways to sign up to speak at council on Wednesday, Nov. 29: by filling out this form, by emailing email@example.com, OR by calling 604-829-4323. You will receive a confirmation from the city with more information. Sign up before Tuesday, Nov 28 @ 9:30 a.m. to get on the list.
To the readers of Price Tags, I am looking for the following data to create a more robust analysis:
- A tally of property owned by not-for-profit interests versus private interests by year
- A tally of rental stock versus total housing stock by year
(*) These numbers were calculated based on the Metro Vancouver Housing Data Book.