Cambie Street just got a little ‘denser’, in more ways than one. By approving Phase 2 of the so-called Cambie Corridor Plan, not only did the Vision-led City Council open the door to higher condo developments along the stretch, it also proved its own ‘density’: its incapacity to respond to residents, to stand up to developers, or to adequately address Vancouver’s staggering unaffordability.
The Cambie condo plan calls for upzoning the full length of Cambie St, from City Hall to South Marine Drive. Six-storey condo development would be allowed along almost the entire stretch, punctuated by 12-storey condo towers around Oakridge Mall, and 40-storey ones at Marine Drive. In the midst of our almost pathological affordability crisis, where Vancouver often ranks as the most unaffordable city on the planet, it is crucial take advantage of every opportunity to create affordability. But in the Cambie plan it is anticipated that at least 80% of new units will be unaffordable condos, and the remaining 20% purpose-built rental units will go for an unsubsidized market price.
This upzoning is the second free give-away to Cambie private property owners in recent years. First, construction of the Canada Line pushed up land values, especially around transit stations. Simply, people will pay more to live near them, so developers can profit by building condos for speculators and prospective upper-income buyers. But contrary to the logic of using better transit to increase property values, it is a matter of justice to build purpose-built affordable rental housing around transit hubs. It is lower income residents who can’t afford to drive cars.
With land values rising around Canada Line stations, public intervention into the market would be required to retain or create low- and middle-income spaces (residential, commercial, and public spaces). For example, downzoning could be used to keep land values under control, so that land can first be secured by public agencies for the purposes of public housing. Rent Caps or Rent-Geared-to-Income (RGI) could be enforced. But on the contrary, the Cambie Corridor Plan serves no purpose other than to multiply property values along the stretch yet again.
Both residential and commercial tenants will be duly evicted, while property owners sell-out to larger development companies consolidating land-holdings for condo complexes. The irony should not be lost that Gregor Robertson’s main accomplishment as an MLA was advocating for small commercial tenants on Cambie Street whose businesses were disrupted by construction of the Canada Line. They will now be dislocated wholesale by property owners without a semblance of consultation or compensation.