Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
A housing development on Vancouver’s east side that would have included dozens of units for people with mental illness was cancelled on Tuesday, with the developer and a non-profit agency walking away after the city demanded millions of dollars in additional cash contributions.
The 12-storey project would have seen Boffo Properties build market condos on top of 30 units of social housing, and a new drop-in centre for the Kettle Society, an organization that supports mentally ill tenants in buildings around the city.
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The collapse of the deal comes as the city launches an ambitious new affordable-housing plan. This is the latest project to face delays or outright cancellation in the face of so-called community-amenity contributions that the city demands in exchange for rezoning.
“This is so upsetting,” Kettle Society executive director Nancy Keough said on Tuesday morning. “It just seems like such a major loss when all the parts were there.”