January 15, 2024 – New Democrat MLA Rick Glumac hosted a roundtable event alongside MP Bonita Zarrillo and Port Moody City Councillor Amy Lubik to discuss the BC Rental Protection Fund and how communities can protect older, affordable rental buildings from speculators.
“Protecting Port Moody’s existing rental market is a top concern for all members of this community,” says MLA Glumac. “I couldn’t be happier with how this roundtable went, and to hear how aligned our community organizers are on this issue. Not only did we hear thoughtful and new perspectives, but also we brainstormed some great ideas on how to protect even more affordable housing, which I will be sharing with the Housing Minister and the Premier.”
Increasingly in BC and across Canada, older rental housing buildings are being bought by speculators and large corporations, such as real-estate investment trusts. Their business model often includes redeveloping properties resulting in tenant evictions. Because purchasers are targeting profit as private enterprises rents are either increased or properties resold which impacts the availability of affordable housing on the market.
“Affordable housing in out of reach for so many families. British Columbia is leading the way on protecting and growing non-profit housing and we need to see the growth of affordable housing across our communities not less” says MP Zarrillo.
To combat this, the BCNDP government announced last January the creation of a new $500 million Rental Protection Fund, which intends to protect tenants and preserve affordable rental housing in British Columbia.
The Rental Protection Fund will provide one-time capital grants to help non-profit organizations purchase affordable residential rental or co-operative buildings listed for sale or being contemplated for sale. The funding will support non-profits to leverage financing from additional sources to protect residents of existing buildings and safeguard affordable units for the longer term. As financing is paid down, organizations can then draw on the equity to create additional affordable housing.
The application process for the Rental Protection Fund is now open and organizations can apply online at the Fund’s dedicated website: https://rentalprotectionfund.ca/