The Editor:
Re: 'Red flags': Councillor says Burnaby Housing Authority no longer needed with new B.C. legislation (May 21, 2024)
I was pleased to see that the majority of council voted to incorporate the Burnaby Housing Authority.
The housing authority is a policy whose time has come in Burnaby, and reflects a sincere attempt to try and deflate housing prices for local residents.
The current proposed plan to have the housing authority rent most of the units it constructs to help create a steady long-term revenue stream and allow for more capital borrowing, which will in turn allow the authority to create even more housing units.
It will be interesting to see what the housing authority will do in terms of limiting who can rent or own a unit it constructs.
Hopefully, Burnaby’s housing authority will act similar to other municipal housing authorities in Whistler and Tofino, and restrict occupancy to current residents.
These restrictions in other locations have been shown to put downward pressure on real estate prices in those cities, and contribute to greater overall affordability for all residents.
- Trevor Ritchie, Burnaby
