OPINION: The City of Vancouver is studying where — and how — rental-only zoning could be applied, said chief planner Gil Kelley, and “the Broadway corridor is probably the first test case.…
Vancouver city council and staff want to send a signal to the real estate development community, long before any shovels are in the ground for the planned Broadway subway: “Don’t be crazy.”
The motion also directs staff to explore the use of rental-only zoning, a new tool provided by the B.C. government to municipalities last year. With these anti-speculation measures, Kelley explained, the city is “signalling to the real estate market, in advance: ‘Don’t pay crazy prices.’ And landowners: ‘Don’t expect crazy purchases to come your way.’ ”
The new policy began with a motion brought forward in February by Green Coun. Pete Fry, soon after Vancouver’s new council decided to explore extending rapid transit west from Arbutus to the University of B.C. Council referred Fry’s motion to staff, and a revised draft came back before council Tuesday, which they approved.
When the previous council approved last year’s policies, Postmedia News quoted then-Mayor Gregor Robertson saying: “We don’t want to repeat the mistakes past councils made in not doing the planning work in advance of the Canada Line.” When the B.C. government announced, in April 2018, it would give municipalities the authority to zone land only for rental housing, Housing Minister Selina Robinson described it as “a powerful tool to deliver homes people can afford.”
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