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The City of Vancouver has had a policy supporting rental housing in low-density areas since 2012. Starting in 2019, they have updated this policy to encourage more secured rental housing in the hopes of improving livability and addressing climate change. In December of 2021, City Council approved one of the most significant rental policy programs to date, allowing for 4-6 storey condominiums to be built along main arterial and local streets.
These changes hope to create more complete neighborhoods by adding rental housing and opportunities for new businesses in locations where existing businesses wont be displaced, as well as make Vancouver more sustainable and equitable by providing opportunities in more neighborhoods for more people to live close to their daily needs.
The SRP encourages the construction of secure rental housing through incentives, including: