Vancouver city hall has proposed policy amendments to incentivize developers to build more rental homes, both market-rate and below-market. Despite the 2017 pilot program for below-market rentals being initially successful, construction of the 70 approved projects have not yet taken place due to increasing construction costs and interest rates. The proposed policy changes include increasing the starting rents for below-market units and adjusting rent-control mechanisms, in order to create a pipeline for the 15,000-16,000 units of rental housing that are currently awaiting development.
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