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Jan 13, 2023 1:52 AM - Connect News

New fund to protect thousands of renters in B.C. - Premier Eby

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More renters in B.C. will be protected from housing speculators and profiteers through the creation of a new $500 million Rental Protection Fund dedicated to protecting tenants and preserving affordable rental homes for decades.

"Today, we’re taking action to protect renters who found an affordable place to live, but are worried their building will be bought out from underneath them," said Premier David Eby. "This fund will allow non-profits to secure older rental buildings and protect vulnerable renters from speculators who can drive up rents and evict tenants that have lived there for years. Instead, community non-profits will now be able to work with tenants to make improvements or expand to house more people, and at the same time protect affordable housing."

Increasingly, in B.C. and across Canada, older rental housing buildings are being bought by speculators and large corporations, such as real estate investment trusts. Their business model often includes redeveloping properties so they can evict tenants, allowing the trusts to make large profits by either hiking rents or selling the units and taking much-needed rental housing off the market.

The Rental Protection Fund will provide one-time capital grants to non-profit housing organizations so they can purchase affordable residential rental buildings and ownership co-operatives listed for sale to protect the renters that are living there and safeguard those rental units for the long-term. The fund is expected to protect thousands of affordable housing units throughout the province.

A new report from BC Housing shows 2022 had the highest number of new purpose-built rental units on record. A total of 14,546 rental units were registered last year, representing a 10% increase from 2021. In 2012, BC Housing recorded fewer than 2,000 new rental units.

"Our province is building more rental housing than ever, but we must also protect what we have. It’s not acceptable for speculators to be pushing renters out of their homes," said Ravi Kahlon, Minister of Housing. "By protecting more affordable housing more people can stay in their homes and build a good life in B.C."

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