Since 2010, the city has lost 1,500 hotel rooms. Another 550 were lost during the pandemic, purchased by BC Housing and the municipality, and converted into supportive housing.
Vancouver’s elected leaders are set to consider what one councillor describes as a longstanding “hotel supply gap” that, if unaddressed, could result in tens of billions of dollars in foregone revenue by 2050.states that without new rooms, the lack of hotel supply in Metro Vancouver could also mean more than 168,000 full-time equivalent jobs never come to fruition in the next 27 years.
“The high cost of land is also resulting in alternate use of sites including conversion to residential housing, and the high costs of operating properties are also a barrier.” Since 2010, the city has lost some 1,500 hotel rooms, according to the motion. Another 550 were lost during the pandemic, purchased by BC Housing and the municipality, and converted into supportive housing.
that 20,000 new hotel rooms would be needed in the region by 2050, at least 10,000 of which must be built in Vancouver, lest the sector, affiliated industries and all levels of government lose out on billions in potential visitor spending.The motion states that bureaucratic red tape, including lengthy approval processes, has hampered developers’ ability to get new hotels approved and built in the city. Many recently-built hotels, it adds, are classified as mixed-use residential.
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