Council considers offering rent subsidies to encourage redevelopment of older buildings
The idea of investing a portion of the property taxes the City of Victoria gets from new rental buildings into rental subsidies has been handed by council’s committee of the whole to staff for consideration.
The idea is to encourage redevelopment of older buildings to create more housing options, while helping tenants displaced by the new construction. Currently, when developers propose replacing an older rental building with a new, larger project, the city asks them to provide relief for displaced tenants. That can take the form of a right of first refusal on the newly built units — which many can’t afford at market rates — paying moving expenses and helping in relocation.
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