IF Anything Investors Provide More Rental
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dicts 25,000 people will migrate to mite the Lower Mainland in the next year. For 1988 the amount of migration was approximately the same. So in addition to building apartments we need to make bet ter use of our residential land as well. In Vancouver a full 65 percent of all households are renters. The other 35 percent own their dwell ings. When compared to how resi dential land is zoned it may seem strange that 70 percent is classi fied as single family. The logical question then fol lows: are the 65 percent renting households living on 30 percent of the land? Dr. J. David Hulchan- ski, Director ofthe UBC Centre for Human Settlements says the dis crepancy is a result of illegal" or second suites. N Ontario, the Igovernment actually encouraged suites by giving i? homeowners $10,000 • l OR a month Louise, a •»-.L UBC student, has toward building a been searching unsuccess second suite fully for a house to rent. It's an arduous task to find a place to rent, espe "As soon as the system isn't cially ifyou don't want your providing what we need then we go leather shoes moulding in around the system. It's supply and the closet or a wind blowing demand working outside govern ment speculation," Hulchansky through the apartment ev says. ery time you turn off the The city's best estimates put heat. the number of "illegal" suites at 20 "The first time we almost got - 26,000 out of approximately lucky, the landlord said my dam 75,000 single family dwellings, or age deposit cheque bounced, but one in every three homes. "They're when I called my bank, they said everywhere. A lot of retired people the cheque had not been depos don't mind renting out part of their ited." house to students. A lot of home A second landlord went to owners are trying to pay off a even less trouble to be rid of them. mortgage and are happy to rent "We only got to speak to an agent, out a suite as well." and she told us that students were Hulchansky sees "illegal" low-priority. It's all non-student suites as the best solution to the yuppie housing it seems." current housing crisis, and asks According to the latest report "What right does the city have to released by the Canada Mortgage say who or who can't live with you? and Housing Corporation, the It's a mutual agreement." rental vacancy rate in Kitsilano is In other provinces, such as 0.5 percent. Kerrisdale is worse at Ontario, "illegal" suites are called 0.1 percent, and Vancouver sits at "second" suites. The government 0.5 percent—meaning that what actually encouraged such suites ever is available is likely to be very nary landlords into line, only dis build a house after you get the work to make money, not cater to by giving homeowners $10,000 to expensive because it's luxurious, courages developers from building approval," says Brown. the public welfare. The market ward building a second suite. The or expensive because there is noth new dwellings. Dick Brown denies that va tendency depletes affordable way Ontario saw it, giving a home ing else available. cant homes or homes bought by rental stock and replaces it with owner $10,000 is cheaper than "A healthy rental market Chinese investors contribute to luxury apartments and homes paying the minimum $50 - 60,000 should rest around three percent, F anything the rental vacancy problem. "If that the majority of us can't af it would cost to build a separate according to most economists," anything investors provide more ford." low income suite. says NDP policy spokesperson Ian investors I rental housing. They buy the Common objections to second Reid. "When the rental vacancy provide more rental homes, but don't live in them suites are that they increase noise rate is too low, a minority of bad themselves, so they rent them out. or the amount of cars in a neigh landlords can take advantage of housing. They buy EVELOPERS Also, the amount of vacant homes borhood, but realistically, these the situation." And Ian says that work to make the homes, but don't on the market are declining." He D concerns pale when compared to over twenty people have called also points out that a lot of the living next to a house of healthy their NDP headquarters com live in them money, not cater to current investors are German and teenagers. plaining of rent increases of 50 themselves, so they Japanese looking for money shel the public welfare Although we treat property as percent. ters. Its unfair to pin too much On the other hand Richard rent them out a commodity hke CD players or onus on Chinese investors, al Building low income apart Coca Cola, itis really qualitatively Brown, a real estate consultant, though it's true investors in gen argues that experienced landlords Naturally, building more ments, although not as profitable different. Ifyou can't afford to buy houses is one way to combat the eral are driving up the price of real for developers, can provide rea a home, you have to rent. And the will not raise rents inordinately estate. because they know the current rental vacancy problem, but two sonable returns if the government right to shelter is something Can vacancy rate is only a temporary major setbacks prevent new hous And the price of property is is willing to chip in. But such proj ada has at least implicitly agreed condition: by raising the rent they ing from providing the solution. the other big reason why house or ects only work well around the to through its commitment to the just force out good tenants. And One big problem is that it can duplex-building is not a solution edges of suburban areas, like UN Charter of Rights and Free the statistics from the CMHC take a developer up to two years to for most renters, according to ur False Creek, or in outmoded in doms. The 1948 Universal Decla report bear him out. For Vancou respond to a need in the market ban planning grad student Laurie dustrial areas. ration of Human Rights, Article ver, the average rent for a bachelor place. This stems largely from the Boucher. New houses only help With such limited peripheral 25(1) states: "Everyone has the suite increased by four percent, a time it takes a developer to get a those with lots of cash—develop space available, such projects can right to a standard of living ade one bedroom increased by five permit through City Hall. ers profit most from building lux provide at best only a partial solu quate for health and well-being ... percent, and a two bedroom by "It takes three months to de ury housing. tion, especially in light of current including food, clothing, housing three percent. sign a house, six months to get the "The market (the private sec migration trends. ... and necessary social services." Brown also says that bringing approvals you need through city tor) can't provide low-cost hous As a result of B.C's healthy in rent controls to bring merce hall and nine to twelve months to ing," says Boucher. "Developers economy, the CMHC report pre By Dennis Selder VOLUME 71, Number 38 Vancouver, B.C. Tuesday, February 21,1989 ORIENT WORK OPPORTUNITIES for TYPING EDITING RESEARCH. No notice entertainers of all sorts. 876-4843 Mon-Sat. required resumes (same day service). Tapes Between THURSDAY Classifieds 10 am - 6 pm. transcribed. 224-2310 (24 hrs). Rates: AMS Card Holders - 3 lines, $3.00, Inter Varsity Christian Fellow additional lines 60 cents, commercial -3 lines, SERIOUS & RESPONSIBLE babysitter A & Y MANUSCRIPT MASTERS $5.00, additional lines 75 cents. (10% Dis needed for infant. References necessary. 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