From Vancouver to London: The Failed Olympic Housing Legacy

London’s 2012 Olympic Games housing legacy is undeniable. It is a legacy of evictions, displacement, gentrification and social cleansing. The ever-worsening housing crisis has become a money-spinning ballast as collusion with property developers yields state-led displacement on a grand scale.

In the district of Newham, where Londoners are paying rent to live in sheds, displacement is rampant and the affordable housing shortage is about to worsen. At the Carpenters Estate, home to hundreds of families, residents are now being served notice by Newham Council to make way for University College London’s £1bn University campus expansion. After having their fees trebled in 2011, students will now continue accumulating debt while funding the real-estate financing schemes of UCL management. Student resistance, joined with the tenants of Carpenters Estate, has been persistent and militant, with public demonstrations, a recent exhibition at UCL’s Print Room Cafe, student tours of the estate, and an occupation at UCL’s Bloomsbury campus.

BC Housing subsidizes Pantages Condo project

Should BC Housing subsidize a Downtown Eastside (DTES) condo developer when our neighbourhood has 850 homeless people and 3500 living in crummy hotel rooms that need to be replaced? Is Condo King Bob Rennie, also on the Board of BC Housing, behind a sweet deal that will probably increase property values two blocks away from his own office?

These are two questions that shocked Downtown Eastsiders are asking after learning that BC Housing plans to loan up to $23 million to condo developer Marc Williams. Williams plans to build 79 condo units plus 18 social housing units (only 9 will rent at welfare rates) at the site of the old Pantages Theatre, 138 E. Hastings. He calls the project Sequel 138. According to The Province, the loans will be at 1.29 % interest, much lower than the going rate from a bank.

Oakridge Redevelopment Plan: Corporate profits, not affordable housing

A plan to redevelop the Oakridge Mall at Cambie and 41^st, unveiled this past week, includes 2,800 condo units in 16 buildings, 6 of which are above 30 storeys. The current developer-friendly City Council is sure to approve the proposal with only minor adjustments. One city councilor anticipated some community concerns about height and density, but my concern goes deeper. I’m not against height or density in the service of affordability, but in this case, height and density primarily serve corporate interests and reflect poor transit planning choices.

Looking at the redevelopment plan, it’s clear to me that the fundamental principle at work is maximization of corporate profits. The developer is asking to triple the amount of housing allowed on the site, which could triple the land value in the order of hundreds of millions of dollars. How much of that value the city recoups to fund affordable housing, and how much the developers keep as profits, depends on the political will of City Council. As it stands, however, only 50 of the 2,800 housing units proposed for Oakridge are planned to have below-market rents – that’s less than 2%.

There is unlikely to be much pushback from City Council. The Oakridge landowner is the Ivanhoe Cambridge Corporation, which cleverly hired the developer, Westbank, and architects, Henriquez Partners, to bring City Council on board with the plan. These firms are very close to the ruling party Vision Vancouver – having also collaborated on the Woodward’s redevelopment in the Downtown Eastside. It does not hurt that Westbank donated $12,000 to Vision’s electoral campaign last fall, and an equal amount in previous campaigns.

Financial Crisis and Tax Evasion: Unpacking Vancouver’s Rent Bank

The Streetohome Foundation has officially launched its new Rent Bank program with a $366,000 three-year loan from Streetohome board member Frank Giustra of the Radcliffe Foundation. Smaller administrative costs totalling $49,000 per year will be paid by the City, although the program itself will be administered by the non-profit Inner-City Community Services Society.

One-time loans from the rent bank will average $835 and can reach up to a maximum of $1300 for an individual, with a repayment plan spanning up to two years. To qualify, tenants perform an assessment either online or over the phone. Tenants are issued a loan if the rent bank judges that they can afford the repayment plan, and if the tenant agrees in advance to repay the loan through automatic withdrawals on their bank account.

Both the rent bank policy and the Streetohome organization were born under previous NPA and COPE municipal governments. The City’s 2005 Homeless Action Plan, drafted under COPE’s last term in office (2002 – 2005), called for the rent bank to disburse both loans and grants to low-income renters in short-term crisis. The current version is less ambitious and removes the grant option, following instead the path set out under NPA’s pro-business term (2005 – 2008). The NPA formed Streetohome in an effort to incentivize the real-estate sector to solve homelessness through philanthropy and charity.