British Columbia will build 4,900 new affordable mixed-income rental units as part of the Building BC: Community Housing Fund.
The provincial government announced Tuesday that it is in response to “a housing crisis that has made housing unaffordable for even middle-class families.”
The developments, across 42 communities, will include homes for middle-income individuals and families, deeply subsidized rentals for seniors and others on fixed incomes, and homes for low-wage workers.
“Years of inaction on the B.C. housing crisis left families struggling to get by and unable to get ahead,” said Premier John Horgan. “These new, affordable rental homes are an important step toward addressing the housing crisis and giving families in every part of the province a break from skyrocketing housing costs.”
The Province will provide approximately $492 million to deliver these new affordable rental homes.
City of Vancouver Mayor Kennedy Stewart says the investment is an example of how collaboration can make things happen.
“This landmark investment in housing for low- and middle-income residents shows what can happen when governments work together to make life easier for people. I look forward to continuing to partner with the Province to help make Vancouver affordable for everyone,” he said.
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