New $500 million fund will help non-profits get building slates for renovation or redevelopment
British Columbia Premier David Eby has announced a new $500 million fund that will prevent corporate acquisition of older buildings, a trend that he said has often pressured tenants to either renovate or redevelop buildings and charge higher rents.
The Rental Protection Fund is intended to help non-profit housing providers purchase these buildings instead, thus protecting renters from eviction.
“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,” Eby said. “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.”
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The fund, which will be managed by the Housing Protection Fund Society, will protect thousands of affordable housing units throughout the province, Eby added.
“Our province is building more rental housing than ever, but we must also protect what we have,” said Ravi Kahlon, Minister of Housing. “It’s not acceptable for speculators to be pushing renters out of their homes. By protecting more affordable housing, more people can stay in their homes and build a good life in BC.”
The BC government is expecting the Rental Protection Fund to become operational in the coming months, and for it to be financed before March 31.
