Repair or Rebuild

Vancouver and the lower mainland is experiencing a shortage in rental housing which isn't a surprising issues for a growing city. Many municipalities around Vancouver have smaller three story rental buildings aging and in need of significant repair which owners are unwilling to complete due to extensive costs. These properties sit on large parcels of land which if the building were taken down and rebuilt the density could be increased for rental housing throughout the lower mainland. Many municipalities should consider allowing developers remove and rebuild these properties, or the municipalities rebuild then sell after built to increase the rental stock.  Yes this will displace people who are living in these buildings in the short term, the long term affect would be increased rental properties for the future. The city is not getting smaller and the longer development takes the greater the pain will be. The BC government has used the development of Strata Properties to grow the rental market. Individual investors are purchasing units in strata buildings and becoming landlords. The problem with this policy is the units are never fully a rental unit and can be removed from the market if the owner chooses to sell. Or in recent years owners rent the unit through vacation rental property websites, taking it out of the long term rental market. Every city needs rental housing for incoming, transient workers, students, seasonal and short term employees. When cities don't build more rental product the cost of housing increases significantly, along with the cost of living. The video below also shows the impact home ownership can have on a society. Renting and renters are often viewed in a negative light, when it should be embraced as part of the community people live in.       

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