Editor:
Re: 1-bedroom unit will cost $1,300/month at 'affordable' housing project in Burnaby, NOW News, April 23
Regarding the “affordable” housing project in Metrotown - is it perfect?
No, but it's a start.
What is absent from this dialogue is there no acknowledgement of why these apartment buildings are being torn down in the first place. Poorly maintained over decades, they are merely an investment tool for the owner who's expecting a robust ROI.
Simply put, these buildings are at the end of their life cycle. Similar to rental rates, construction costs are also market-driven, meaning that full or partial retention of these apartments - and their integration with a new development on site - is not technically possible or economically viable.
Creating a partnership model across the private, public and non-profit sectors that uses market rental rates to support mid-range and affordable housing opportunities is a creative solution, with the opportunity to evolve.
Samantha Lawson, Burnaby
