Motion to protect Vancouverites from ‘renoviction’ sparks developer warning
Vancouver—apartmentbuilding owners are warning that a Dec. 4 motion passed by Vancouver City Council will lead to a dramatic withdrawal of investment in both existing and new rental buildings.
The motion passed unanimously and aims to better protect renters whose landlords are trying to evict them in order to renovate the units and rent them at a higher rate.
Jon Stovell, president of Reliance Properties, said he is not concerned about some parts of the motion, such as a commitment to track apartment-building sales, inform tenants of their rights and explore how the city can track and regulate buyout offers made to tenants. It’s this portion that particularly concerns Stovell: “Require landlords to offer displaced tenants the opportunity to temporarily move out for the necessary duration of the renovations without their leases ending or rent increasing.”
Stovell’s company is currently trying to empty a 58unit apartment building in Vancouver’s West End in order to start a huge renovation.
Get the full story at thestar.com/vancouver