THE City of Vancouver says it is moving forward with a new approach to delivering market rental housing under the Rental Housing on City-owned Land – Public Benefits Pilot Rezoning Policy, with a rezoning proposal to develop on City land at Pacific and Hornby streets.
Led by the Vancouver Housing Development Office (VHDO), this initiative will enable the delivery of market rental housing on City land while piloting a new way to generate non-tax revenue for the City.
“The launch of the VHDO is a big step forward in making sure we have the right homes for the people who need them. By putting our real estate assets to work and thinking outside the box on housing solutions, we’re setting up Vancouver for long-term success – so more families and residents can put down roots and thrive in our city,” said Vancouver Mayor Ken Sim on Thursday.
The VHDO was established at the direction of Vancouver City Council to centralize housing delivery. In addition to non-market rental housing, the VHDO will focus on partnering and investing in the development of market-rental housing on City-owned property. In line with the recommendations in the Mayor’s Budget Task Force Report, this aims to maximize the delivery of market rental housing and generate financial returns and non-tax revenues to address the growing infrastructure deficit and Council priorities.
These efforts are part of the City’s broader Housing Vancouver Strategy, aimed at creating the right supply of housing for all residents. The proposed 54- and 40-storey buildings at Pacific and Hornby could provide up to 1,136 market rental homes, comprising a mix of studio and one- to three-bedroom units.
Delivering new market rental housing on City land will involve working with a variety of partners, including those in the development industry and senior governments.
While the City is pursuing market rental housing development, it says it remains committed to delivering non-market rental housing through the VHDO as well. The City will continue to provide affordable housing in partnership with senior governments and other partners through sites held in the Vancouver Affordable Housing Endowment Fund (VAHEF).
Visit the Vancouver Housing Development Office webpage to learn more.
