Renters make up the majority of the residents in Victoria. They are the hardest hit by the high cost of accommodation in and around the City. Renters pay City Taxes through their rents, so they have a significant investment in our City and so deserve to have some specialized services. One that comes to mind is to create a program where long term renters in Victoria can apply to form a Partnership with the City & use a portion of the City’s Public Investment Budgets to secure Property as an Investment for both them and the City. Since Ownership housing is the cheapest form of housing and its a great investment this is a win win for the City and its residents. Also as people shift out or the rental accommodations they may presently occupy, this should lessen the demand in the rental market another win!
The present plan of more rental stock that most Candidates & Developers advocate for is a step in the right direction but since subsidized housing isn’t cheap housing the solution stalls out. Using our resources to team up with others who can afford to contribute to Ownership allows us to grow housing stock. With Subsidized Housing the Landlords are the ones being topped up for the housing they provide, affordable housing isn’t affordable.
I support the creation of more housing Co-operatives as it is very useful for people to be able to pool their resources and create housing solutions, not hard to see the City Partnering with Residence.
Our best asset is our working people and its these individuals who could best use the help that are being denied the Opportunity. They are the working people of Victoria. If we invest our housing dollars with those who can carry them forward we will be building equity we can tap for more housing. Many people working and renting are already paying more in rent for the space they get than they would need to be paying off a mortgage. If we combine some of these individuals with an Investment from the Cities Public Investment Budgets we can see housing solutions as inspired as Victoria’s Residents! Removing the barriers to Ownership is a must in Victoria. This program could be up and running within months and people could start to see a way out of our affordability crisis.
The City has to use the money in its Investment Budgets wisely, this isn’t a hand out. This program is a helping hand that will generate some revenue for the City, but its intent is to bridge the inequity that is growing too quickly in the wrong direction. It will result in lowering the levels of stress our housing and accommodation markets is under and relieving some of the stress people living and working in Victoria feel. Ownership Opportunities do that much better than more rental options.
I advocate for a new paradigm in Housing for Victoria.