Vancouver city council rejects motion to build rental units to generate revenue

Vancouver city council rejected a motion to create a city-owned corporation for developing rental units, failing to secure the required two-thirds majority. The initiative sought to transfer six city-owned land sites, valued at $411 million, to build around 4,000 market rental units. Mayor Ken Sim argued that the project would generate much-needed revenue for public programs and infrastructure. However, non-ABC councillors opposed the motion, citing transparency issues and a lack of commitment to affordable housing solutions. Housing experts warned of potential financial risks associated with the city's foray into rental development amidst current market instability.

Professor Penny Gurstein expressed skepticism about the city's ability to manage such a project effectively. The plan would have required approximately $8 million in startup costs, raising further concerns about its financial viability. Council members are expected to revisit the topic later today.