Lək̓ʷəŋən (Lekwungen)Territory / Victoria, B.C. — With hundreds of thousands of British Columbians just one paycheck away from losing their homes, the BC Greens are taking immediate action by proposing a $1.5 billion investment into a non-profit housing fund and the introduction of vacancy control.
“Rents have surged over 20% in just two years, while wages stay stagnant, turning housing into a profit machine for financialized landlords like REITs, pushing individuals and families to the edge. This isn’t just a housing crisis, it’s a crisis of equality,” said BC Green Leader Sonia Furstenau, “Housing in BC is unaffordable and unstable, holding our province back. When people aren’t worried about renovictions or rent, they can contribute more to their communities and the economy, making BC stronger. BC should be the best place to live, not just for investors, but for everyone.”
The BC Greens housing plan includes:
- Building 26,000 affordable rental units annually through targeted investments in non-market housing providers and housing cooperatives.
- Making existing public land available for non-profit housing development and acquiring new public land specifically for the purpose of building affordable housing.
- Recognizing community land trusts as crucial for securing land for non-market development.
“We can’t ask for-profit developers to solve the housing crisis. We must use public land for public housing and maximize existing assets,” Furstenau continued. “We need real solutions, not profit-driven policies to dramatically ramp up the construction of non-market housing solutions that supplements the for-profit market housing. This plan prioritizes secure, affordable housing for British Columbians.”
The fund will reinvest returns from interest-free loans, reducing the annual $1.5 billion investment over time. Vacancy control will also cap rent increases between tenancies, preventing landlords from exploiting renters and ensuring stability for those most at risk of homelessness.
This is just one part of the BC Greens comprehensive housing platform, to be released in the coming weeks as part of the 2024 vision for the province.
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Media contact:
newsroom@greenparty.bc.ca
Phone: +1 250-418-5528
