VANCOUVER — The City of Vancouver is proposing a new Development Contribution Expectation Policy that’s intended to limit land speculation along the Broadway corridor.
A report is expected to go to council this month to seek approval to move forward with the Broadway Corridor planning program, with the recommended measure to curb land price speculation, explains a release.
Land speculation can contribute to rising land costs, impact housing and job space affordability, which can “hurt the city’s ability to deliver affordable rental housing and provide community amenities to serve the needs of our growing population,” the city states.
The policy identifies areas where below-market rental housing will be prioritized, noting these areas may be expanded through the planning process.
“Stabilizing land values along the Broadway corridor to prioritize the retention of existing affordable rental housing is one of the priority actions in the Housing Vancouver strategy,” says Gil Kelley, general manager of planning, urban design and sustainability, in a statement. “This approach also supports existing city and provincial policies on financing public benefits to serve growth and will enable new supply and further strengthen protections for renters.”
According to the city, the Broadway corridor is a regionally important location as it is home to the second largest employment centre in British Columbia and the largest hospital in Western Canada. It also borders several unique and distinct neighbourhoods.
If approved, the new policy is meant to be released prior to community and transportation planning, which will culminate in a new SkyTrain line.
“The future Skytrain development along Broadway is a key opportunity to continue creating more job space and affordable housing,” says Vancouver city manager Sadhu Johnston. “By leveraging this critical transportation investment, we can ensure that the needs of our employers and residents are being met as our city continues to grow.”