Construction is progressing rapidly at 1099 Richards, a development the City described at a public hearing as “100% social housing” and therefore worthy of additional density in excess of local zoning bylaws.

In addition to the 87 units that will simply replace the 87 units currently at Jubilee House, this building will also contain 75 “low end of market” units. These units are tiny: 34 studio apartments are 320 sq. ft.. The 41, 1-Bedroom units are 350 sq. ft., for an average size of 336.4 sq ft.

Average rent is $1142 / month for these “low end of market” “social housing” apartments. Not a tiny amount.

How costly is this on a per-square-foot basis? $3.39/sq. ft. monthly, or 40.74/sq. ft. annually.

Let’s compare this rent to other apartments in the area on a per-square-foot basis.

We checked Craigslist, which on Aug 24, 2014, listed an 883 sq. ft. apartment directly across the street from 1099 Richards. This fully furnished Yaletown apartment rents for $2350/mo. That’s $2.66/sq. ft. monthly, or 31.94/sq. ft. annually.

On a price per square foot basis, the 1099 Richards “low end of market” City-defined “social housing” is 27% more expensive than a fully furnished New Yaletown apartment across the street!

To see if this is just an anomaly, we checked out another listing for another data point. This 1400 sq. ft. luxury apartment with water views rents downtown for $3950/mo. That’s $2.82/sq. ft. monthly, or 33.86/sq. ft. annually.

On a price per square foot basis, the 1099 Richards “low end of market” City-defined “social housing” is 20% more expensive than a downtown luxury apartment with water views!

Which apartment is the better deal? You decide:

Is the City playing fast and loose with the terms “social housing” and “low end of market?”

Or being lured into giving density bonuses to a developer who is charging luxury rents for “social housing”?

Should the developer Brenhill be earning luxury-rate profits from so-called social housing?

Share your thoughts on Twitter, and with the Mayor and Council.

The City-owned land under the Jubilee House and Brookland Court social housing buildings at the north end of Emery Barnes Park had been planned and budgeted to be added to the park. Plans for a full-block Emery Barnes Park are documented in City and Park Board budgets, as reported earlier on this site.

In correspondence with a CANY member about the planned tower at 508 Helmcken, Park Board Commissioner Trevor Loke confirmed these original plans for Emery Barnes Park to occupy the entire city block.

Commissioner Loke further noted that the Park Board was not consulted or even informed that Jubilee House was to be replaced with a for-profit building. Commissioner Loke writes:

Constance Barnes was at Emery Barnes Park today launching her campaign to become the next Member of Parliament for Vancouver Centre. Members of CANY were also on site to raise awareness to the public and Constance about what is going on at the park and in the neighbourhood. Constance is advocating for affordable housing and daycare. The 508 Helmcken project is 100% for profit and will host a private daycare on city-owned land. Please sign the petition and donate to our cause.

“I am a Canadian citizen and have no regrets. Over the years I have come to realize that prejudice is not limited to the USA. There are different kinds of people in all societies. None is perfect. I am less quick to condemn anyone and have probably mellowed a bit. With age and experience I have come to believe that we are the architects of our own destiny. I am more interested in the evolution of society and of my situation as an individual than in blaming any group or any society for all the evils on earth.” [1987 Interview with Barnes]

We are the architects of our own destiny. Let’s build a better and livable Vancouver. Happy Canada Day!