Surrey Business News

RENTAL HOUS­ING NEWS:

UDI Joins Part­ners for Rental Hous­ing in Re­lease of Rental Zon­ing Re­port

- Business · Al Anbar Governorate · British Columbia · North America · United States of America

-Sur­rey Board of Trade

-BC Cham­ber of Com­merce

-BC Rental Project

-Kelowna Cham­ber of Com­merce

-Parksville & Dis­trict Cham­ber of Com­merce

-Greater Lan­g­ley Cham­ber of Com­merce

-Land­lordbc

Through the re­lease of a landmark rental re­port, the Part­ners for Rental Hous­ing are call­ing on the Pro­vin­cial Gov­ern­ment to im­ple­ment ap­pro­pri­ate guide­lines for the use of Res­i­den­tial Rental Ten­ure Zon­ing (RRTZ), to be de­vel­oped through con­sul­ta­tion with builders and com­mu­nity stake­hold­ers. The re­port, ti­tled Mak­ing Rental a Re­al­ity, also pro­vides rec­om­men­da­tions for mu­nic­i­pal­i­ties to sup­port the use of RRTZ as a tool for rental growth.

“By pro­vid­ing guid­ance and mon­i­tor­ing the use of this zon­ing tool, BC could sig­nif­i­cantly in­crease rental home choices for all bud­gets and im­prove af­ford­abil­ity. While wellinten­tioned, its flawed im­ple­men­ta­tion in some mu­nic­i­pal­i­ties so far, can ac­tu­ally in­flict more harm on the very peo­ple this was sup­posed to help,” says Anne Mc­mullin, UDI Pres­i­dent & CEO, and group spokesper­son. “But th­ese roll­out chal­lenges can be ad­dressed through some care­ful di­rec­tion and ap­pro­pri­ate stake­holder con­sul­ta­tion. The Part­ners for Rental Hous­ing share the same goal as all lev­els of gov­ern­ment in want­ing to pro­vide se­cure rental homes to meet the needs of all BC’S res­i­dents.”

The Prov­ince cre­ated RRTZ in 2018 through leg­is­la­tion in­tended to pro­vide more new rental hous­ing in mu­nic­i­pal­i­ties, ad­dress­ing chron­i­cally low va­cancy rates of less than one per cent. Untested in North Amer­ica, the tool al­lows mu­nic­i­pal­i­ties to des­ig­nate build­ings and ar­eas as ex­clu­sively rental ten­ure. The cre­ation of a tool to bet­ter di­rect the con­struc­tion of new rental hous­ing op­tions was ini­tially sup­ported. How­ever, thought­ful con­sid­er­a­tion and study needs to be given to this un­prece­dented tool prior to mak­ing any long-term de­ci­sions.

Mak­ing Rental a Re­al­ity also ex­plores po­ten­tial so­lu­tions, by us­ing RRTZ to sup­port rental growth in key ar­eas in­clud­ing:

• Ma­jor ar­te­ri­als and Area Plans;

• Sin­gle-fam­ily home ar­eas;

• Mixed-use and com­mer­cial ar­eas; and by

• In­ten­si­fy­ing ex­ist­ing sites and new de­vel­op­ments.

The re­port pro­vides fi­nan­cial anal­y­sis of sam­ple sites to il­lus­trate the im­pact of a suc­cess­ful re­de­vel­op­ment un­der RRTZ. Out­comes were var­ied, but con­sis­tent across all sce­nar­ios was the sub­stan­tial den­sity in­creases re­quired to sup­port re­de­vel­op­ment. Builders, busi­nesses, com­mu­ni­ties and all lev­els of gov­ern­ment alike want to see more hous­ing op­tions for Bri­tish Columbians.

The ex­ist­ing sup­ply of rental units does not ad­e­quately serve to­day’s pop­u­la­tion – or that of to­mor­row.

Rec­om­men­da­tions: For the Pro­vin­cial Gov­ern­ment:

1. De­velop a guid­ance doc­u­ment, through con­sul­ta­tion with stake­hold­ers, for mu­nic­i­pal­i­ties that pro­vides clear di­rec­tion on the in­tended use of this un­prece­dented and untested mea­sure.

2. An­nu­ally mon­i­tor the re­sults of RRTZ im­ple­men­ta­tion and pro­vide fur­ther di­rec­tion, where needed, to sup­port the ob­jec­tive of in­creas­ing the amount of rental homes for Bri­tish Columbians.

For Mu­nic­i­pal­i­ties:

1. Only ap­ply this zon­ing des­ig­na­tion cou­pled with den­sity in­creases in or­der to in­cen­tivize new con­struc­tion. Other in­cen­tives may still be re­quired to make projects vi­able, such as re­duced park­ing min­i­mums and fee re­duc­tions.

2. Do not down­zone prop­er­ties. This will re­strict landown­ers’ op­tions for re­newal and re­duce their abil­ity to se­cure fi­nanc­ing for ma­jor re­pairs and up­grades, or in­vest in new rental build­ings and desta­bi­lizes the rental mar­ket.

When ap­ply­ing zon­ing, pro­vide flex­i­bil­ity for builders, for ex­am­ple al­low­ing ei­ther a smaller strata build­ing or a larger rental build­ing.

3. Pro­vide early and ap­pro­pri­ate con­sul­ta­tion with builders, en­sur­ing that the en­gage­ment re­flects the re­zon­ing process un­der­taken by pro­po­nents.

MORE: udi.bc.ca/mak­ing-rental-a-re­al­i­tytech­ni­cal-re­port/

 ??  ?? Sur­rey Board of Trade at the UDI Fraser Val­ley Mayor’s Panel event with Joe Dhali­wal, Sur­rey Coun­cil­lors Linda An­nis and Brenda Locke and with Ab­bots­ford Mayor Henry Braun.
Sur­rey Board of Trade at the UDI Fraser Val­ley Mayor’s Panel event with Joe Dhali­wal, Sur­rey Coun­cil­lors Linda An­nis and Brenda Locke and with Ab­bots­ford Mayor Henry Braun.
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