Dear Editor,
Richmond city council decides whether to build desperately needed rental or condos mostly for sale to investors.
In 2018, the B.C. government gave council the power to zone land for rental-only housing. That increases its value from its current zoning for single-family housing or low-rise commercial. The alternative chosen by council is to instead zone it for strata condos. That increases the land value even higher beyond what is profitable for rental housing.
From 2018 to 2021, Richmond built 13 per cent rental and 87 per cent condos. Shameful! Surrey built 46 per cent rental, Vancouver 32 per cent. Of neighbouring cities, only Burnaby built less rental.
Burnaby has now turned this around with 10,000 rental units in the pipeline, leaving Richmond at the bottom of the rental housing construction list.
Some Richmond investors are choosing to speculate in real estate by buying strata condos creating artificial demand. They have a vote for Richmond council.
Potential renters who work in Richmond can’t afford to live here and don’t have a vote.
John Roston
RICHMOND
