The West Coast city has now agreed to a special housing agreement that will limit the rents on four mega towers planned for the west end. That freeze means rents won't get bumped up between the time the project is approved and construction is completed.
The deal comes as the direct result of concerns raised by tenant groups in the build up to city hall's approval of the development.
The controversial rezoning proposal allows for four new luxury towers to feature 133 luxury units. While ostensibly they would help to alleviate the shortage of rental units the city now grapples with, their luxury billing, says activists, means that by the time construction is complete those high-priced units will be outside the reach of most renters.
City officials argue the rent freeze, of sorts, will effectively cap rates.
“For hundreds of people this creates new homes in the West End at more affordable rates certainly than owning,” Mayor Gregor Robertson said.
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