In November, Vancouver residents approved an increase in the property tax in order address the problem of affordable housing in the city, and city officials met this month to start the process of figuring out how to use the new revenue.
The tax is expected to general $6m yearly for the upcoming seven years, which will be used to build new housing, preserve the affordable housing that already exists, and help vulnerable residents remain in their homes.
Over 57% of voters in the city approved the measure, leading Vancouver’s development program manager, Peggy Sheehan, to say the city’s residents have come together in support of the less fortunate, and that they want to see workable housing programs. Sheehan said the need for housing assistance is apparent, with many unable to pay their rent, and still others homeless. She added she felt the voters had sent a message that they had confidence in the city’s ability to aid its most vulnerable citizens.
Funding will be dedicated to helping households with the lowest income, which is pegged at 50% of the median income for the region, coming in at $36,650 for a family of four. The city will prioritize funds among the homeless, the disabled, veterans, seniors, and families with children. In addition, Mayor Tim Leavitt wants to build another homeless shelter immediately.
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