During the final days of September, B.C.’s Housing Minister, David Eby, released a plan for dealing with affordable housing through the province, but specifically in the population-dense Lower Mainland. The plan is called “A Good Home For Everyone” and this is a condensed version of what it proposes:
Immediate Action On The Housing Emergency
Too many people in B.C. are unhoused without adequate shelter and support, so the province will work with Indigenous and local governments to build more housing to respond to homelessness, immediately, and increase the Indigenous Housing Fund.
'BC Builds' Real Middle-Class Housing
A new housing development initiative — BC Builds — will get to work building multi-family rental and purchase units in both urban and rural areas for a range of incomes…and partner with First Nations and city governments, non-profit and private partners to offer rapid approvals, increased density, land, and construction financing. The government will proposes using public land to build housing and locking in the low rates long term.
A BC Flipping Tax
After introducing a “flipping tax” on sales of residential properties sold within two years, the government would reduce the tax rate to zero the longer the property is held, with exceptions for major events like death, divorce, or employment loss. Revenue will go into building homes.
Acquire And Secure Rental Housing For The Long Term
To prevent squeezing renters out of places they can afford, the plan would establish a new Rental Housing Acquisition Fund that will jumpstart rental housing acquisition to protect renters from displacement. It will also introduce a right of first refusal law to stop affordable rentals from being bought by big corporations and protect tenants from rent increases when the building is purchased.
Changing The Game
The government plans to remove strata restrictions on rentals, legalize secondary suites everywhere and add density in urban centres by allowing a single family home to be replaced by up to three units.
Watch for more in the October issue of News From Nexus, distributed to subscribers during the first week of the month.