This article was originally posted at timlouis.ca
This week, City Councillors will be returning to City Hall from their summer break. One of the first orders of business will be to consider a large-scale condo development in the Downtown Eastside Hastings Corridor, directly across from the Raycam Community Centre and Stamp’s Place social housing.
The applicant for the project – Vision financial backer Wall Financial Group – is planning to build three 12-storey condo buildings on the site at 955 East Hastings Street. If approved, the project will total 352 units of housing. 282 of the units are proposed as market strata units, with the remaining 70 units planned as rental housing run and owned by the City of Vancouver as “social housing.”
As with the Sequel 138 project at Main and Hastings – where the city will be renting its social housing at a rate of $900/month – the majority of the 70 “social housing” units in this new Wall development will be well out of reach for low-income people. City staff are recommending to council that they rent the majority of these “social housing” units at market rates.