B.C. Housing Minister defends project criticized as unaffordable

New, so-called affordable, housing built with public funds is neither affordable nor livable, critics say. The rents are too high and the units are too small.

They take issue with the recently completed 68-unit apartment building at 1807 Larch St., in Vancouver, which was given development fee waivers and extra density allowances by the city and financing by the province in exchange for affordable housing. But when the rents were posted for the completed building in the spring, they revealed highly unaffordable market-rate rents at nearly $7 a square foot – about $2,700 a month for a 393-square-foot studio. By comparison, downtown rents in a new building are around $5.50 a square foot.