Because Housing is a Growing Problem:
By 2010 that number had increased to 3500 per year and by 2014 to 4700 units per pear. We have a real shortage of 50,000 units today and if the situation goes unchanged there could be a real shortage of up to 100,000 units by 2022.
Because it Negatively Impacts the Economy:
“The inability of rank and file workers – retail clerks, nurses, janitors, and factory workers – to afford housing not only threatens to curtail housing growth, it negatively affects the ability to hire and retain workers, who must live farther and farther away from main employment centres. City officials increasingly realize that they can’t attract new businesses unless the people who will work for these companies have a place to live nearby”
The BC Chamber of Commerce(July 2003)
“Affordable housing is frequently viewed as a social and health issue, but the fact of the matter is that it runs deeper than that. An inadequate housing supply can be a roadblock to business investment and growth.”
TD Bank, “Affordable Housing in Canada: In Search of a New Paradigm” (July 2003)
Because it Effects People Like You and me:
Although it is the lower-income households that are most often cited as the victims of the housing crisis, it is also a real and serious threat to middle-income earners. Who can afford to pay 70-80% of pre-tax income for housing?
Because Not Enough is Being Done – And it Will Not Solve Itself:
In 1993 the federal government withdrew funding for new social housing in Canada. Skyrocketing real estate values and a low rental vacancy rates in Metro Vancouver have combined to make Vancouver the second least affordable city in the English-speaking world. This has resulted in a crisis in social housing. BC Housing has 14,000 people on its waiting list. The problem here is that there is no movement along the Housing Continuum. However, using our model many folks living in social housing will be able to pay near the same ‘rent’ but actually own their own home. This is a market driven solution to a social problem.
“In the absence of traditional housing programs, innovative, community-based solutions are required. The non-profit sector cannot step into the breach alone. The sector lacks sufficient resources to address the growing need for affordable housing. The housing trust model provides a framework to meet the growing need to finance the construction of new low and middle income housing.”
BC Chamber policy statement (2003)