Fund will allow non-profits to leverage purchases of apartments and protect renters from evictions or big rent hikes, says Premier David Eby
In an unusual effort to prevent cheap apartments from being bought up by big investors, the province will create a $500-million fund this year to help non-profit housing groups acquire rental buildings., which has long been asked for by housing advocates both nationally and in British Columbia, should allow non-profits to leverage purchases of potentially thousands of apartments and protect renters from evictions or big rent hikes.,” said Mr. Eby, speaking at a housing co-op in Burnaby, B.C.
Jill Atkey, chief executive of the BC Non-Profit Housing Association, pointed out at the Burnaby announcement that a rent of $815 is all that’s affordable to someone working full-time at minimum wage, but B.C. lost almost 100,000 homes renting at that price or below from 2016 to 2021.Another organization that has lobbied the government for this kind of fund also welcomed Mr. Eby’s announcement.
Mr. Eby, asked about what will happen if non-profits have to compete with well-financed real estate trusts to try to acquired some of those older apartments, said he is convinced that some owners will be willing to sell at a lower price to see renters protected.Mr. Eby said every deal will be scrutinized, to ensure the province is getting good value, and each non-profit buyer will need to sign an agreement formally laying out their obligation to protect the renters in whatever building they buy.
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