Dear Editor,
Our city councillors have been much too timid at a time when bold steps are necessary to address the housing crisis. While the city is increasing the amount of affordable housing that developers must provide in new condo projects and considering ways to increase the amount of market rental housing, there are not enough of the two- and three-bedroom units that are most in demand by families. Property developers have been allowed to build too many of the one-bedroom condo units that are most in demand by investors, but often wind up sitting empty.
City council should insist that at least 80 per cent of the units in any new development have more than one bedroom with 30 per cent having at least three bedrooms.
There should also be a requirement that the strata manager assumes responsibility for renting out, at market rates, all of these new units not occupied by the owner, or a relative of the owner. This can be made attractive to condo investors by having all rent revenue go into a common fund, from which expenses are deducted, and the investors then share in the profits according to the size of their unit. It doesn’t matter if an owner’s unit is temporarily vacant since the cost is shared by all the owners.
Unlike the Vancouver strategy of trying to track and penalize empty condo owners, this would encourage investors to help solve the housing crisis at no cost to themselves. Although developers may be reluctant to try a new model, it’s time for our city councillors to take the initiative. Give them a push.
There is a public consultation on affordable housing policy at LetsTalkRichmond.ca and another consultation planned on market rental policy.
John Roston
RICHMOND
