Global News: B.C. Housing needs to do more about owners taking advantage of low-cost housing program: critic

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November 23, 2016 | Nadia Stewart

Quoted from the article:

A loophole in a B.C. Housing pilot project has the NDP’s housing critic calling for change.

“I’m astounded by the fact the government knows so little about what is happening in the housing market, including in their own housing,” David Eby said.

Eby’s response comes after a Global News report about some condo owners who are taking advantage of a loophole in the system.

In late 2015, a new condo development — Sequel 138 — opened in the Downtown Eastside. The controversial project featured 18 affordable housing units, which are managed by a private organization. However, 79 condos in the building were up for sale. For those units, only buyers with a combined household income of less than $85,000 a year qualified to get into one. In return, they paid little to no down payment.

All buyers signed a covenant with B.C. Housing. One clause clearly states for the first two years owners wouldn’t use the property for anyone but themselves. Instead, Global News has learned some units are being rented at market value.

Read the full article: http://globalnews.ca/news/3085876/b-c-housing-needs-to-do-more-about-owners-taking-advantage-of-low-cost-housing-program-critic/