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SONIA FURSTENAU: NDP plan not exactly a bold solution to the crushing unaffordability of housing in this province


Housing has been in the news this week, with the BC Government announcing their "BC Builds" initiative. Reading through this announcement, we learn that the program is designed to "create housing that is affordable for household incomes from $84,780 to $131,950 for a studio or one-bedroom home, or $134,410 to $191,910 for a two-bedroom home"
Apparently, up to 20% of this housing could be up to 20% below market rent... Not exactly a bold solution to the crushing unaffordability of housing in this province. 
It's clear that 'BC Builds' is aimed at providing housing for people who don't urgently need housing. We're in a serious crisis right now, and housing for people with annual incomes over $80k is not the problem; what's missing is housing for those who earn $60k or less per year. Where do they factor into this proposal?
People are on the verge of homelessness. Taking a look at the Rental Housing Index, you can see that for the two lowest-income groups in our province, housing is not only "unaffordable", but in some cases "severely unaffordable". Surely, these are the groups that an NDP government should be prioritizing. Where is the support for the truly middle-income households, who make up over half of B.C.’s population?
Recently released analysis from the Canadian Mortgage and Housing Commission (CMHC) shows that in Vancouver in 2023, for a minimum-wage worker renting the average bachelor unit, over 50% of their monthly income goes towards rent. In Victoria, a worker earning minimum wage would need to allocate more than 40% of their monthly income to afford the average rent. The report also shows that in Victoria, when rental units with long-term tenants become available, the rent is adjusted to align with current market rates. In 2023, this translated to units becoming 41.5% more expensive for incoming tenants. The Cowichan Valley is not far off these numbers, and the growing desperation in our community is palpable.
Yes, we need more housing. But increasing the supply does not lower the cost of housing, when housing is being financialized. When we let hedge funds and private firms manage housing, the ultimate outcome is profits for investors. The issue here is not simply inadequate supply; it is the lack of actions addressing the core need for non-market housing that everyday people can actually afford. 
Let's treat this crisis with the urgency it deserves. We are calling for immediate help for renters. Local and provincial governments can help by putting the brakes on rental increases between tenancies - because a 41.5% increase in rent could mean more people living on the streets, and even bigger problems for our communities in the years to come. 
Sincerely,
Sonia

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