Broadway plan will cause ‘transit-oriented displacement’: Tenants union

A survey discovered a 60 to 70 per cent hole between the median market price and present median hire paid by tenants in purpose-built rental buildings alongside the Broadway Corridor.

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Opposition to Vancouver’s Broadway Plan is ramping up with a renters advocacy group saying the proposed Broadway Plan will put a “dramatic” upward stress on hire and displace tenants residing in purpose-built rental buildings alongside the Broadway hall.

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The Vancouver Tenants Union is holding a information convention exterior Vancouver metropolis corridor Monday morning to launch findings of a survey that claims the $2.83 billion SkyTrain extension of the Millennium Line and draft Broadway plan will result in “transit-oriented displacement.”

The union carried out a survey of 293 households residing in 41 purpose-built rental buildings final fall and calculated a major “rent gap” it says supplies a robust incentive for landlords to redevelop their properties and substitute tenants.

According to the survey, there’s a 60 to 70 per cent hole between the median market price and present median hire paid by surveyed tenants.

For a one bed room, the median market month-to-month hire is $2,200, whereas the median hire is $1,379 — a distinction of $821 monthly. The hole is extra dramatic for a two-bedroom unit, the place the hole between the median market price of $3,200 a month is $1,315 larger than the $1,885 surveyed tenants are paying.

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“The Broadway Plan is essentially a rubber stamp process to signal a green light to developers, landlords, and investors,” stated union organizer Mazdak Gharibnavaz in a press release.

About half of respondents stated they won’t be able to stay within the neighbourhood in the event that they have been evicted from their present place, whereas 20 per cent stated their present hire is already unaffordable for them.

The common size of tenancy of surveyed tenants is 6.7 years.

The proposed Broadway plan would see the addition of as much as 30,000 properties, together with taller residential buildings to help a inhabitants development from 78,000 to 128,000 residents over the following three a long time alongside the Broadway hall. The space plan goes earlier than council on May 18.

Vancouver Mayor Kennedy Stewart has made a pledge to guard renters, together with these paying below-market rents. He stated the Broadway Plan is not going to pressure renters out of their neighbourhood.

More to come back…

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