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Use foreign buyer tax money for rental housing: Surrey BOT

Last Updated Aug 2, 2016 at 7:40 pm PDT

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Summary

Surrey Board of Trade says housing needs aren't being met for mid-income workers

SURREY (NEWS 1130) – Surrey’s Board of Trade has some suggestions for how the money from the new foreign buyer tax could be spent.

CEO Anita Huberman says the needs of the middle class just aren’t being met when it comes to housing – with many of the available options financially out of range for most.

“We are talking about human capital not leaving Metro Vancouver and for those earning between $30,000 to $60,000 or more. There is a big gap in the market. The opportunity for innovative developers is really right with this financial incentive,” she explains. I’d like to suggest that the funds in the new account be used as the carrot for developers to build quality rental stock for mid-income workers.”

The board put forward a resolution back in May to the BC Chamber of Commerce asking it for help addressing the lack of housing for skilled workers.

You can hear the full interview here: