Up to 25 per cent of developments in Richmond’s City Centre could end up as rentals.
City staff are recommending new large developments have 15 per cent as low-end rentals and 10 per cent as market rental.
Outside of City Centre this would be 10 per cent low-rentals and 10 per cent market rentals.
These new rental requirements would be for developments that are larger than 60 units.
Housing projects smaller than 60 units would contribute a certain dollar amount toward rental housing initiatives instead, unless they choose to build market rentals.
This would be $1.75 per square foot in townhouse developments, $3.50 per square foot for condo developments in the City Centre, and $2 per square foot for condos outside City Centre.
City staff is recommending that “in-stream” applications – applications developers have already been working on with city staff – be allowed to stay at 10 per cent rental as long as it goes to council for first reading within a year.
The rental plan will come to council’s planning committee on Tuesday.
