With changing provincial legislation, city staff say they must reduce requirements for non-market housing to ensure development is 'financially viable' for developers.
Burnaby has made sweeping changes to its oft-touted affordable rental policy to keep developers building in the city.
A financial analysis has shown policy amendments are necessary because of the “challenging macro-economic climate for development,” according to a city staff report. Reducing Burnaby’s rental requirements Council voted to reduce the policy from 20% required non-market rentals to 15%, and changed the below-market rates: 10% of the units to be rented at 20% below the median and 5% at the median.
Couns. James Wang and Richard Lee opposed changing staff’s recommendation, as they argued it was more important for builders to build in Burnaby with fewer inclusionary rentals rather than risking no development and no rentals at all.“Whatever we provide to developers, they will never be happy,” he said.
More RUZP changes The report approved by council outlined eight amendments to the rental-use zoning policy, including the following.
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