For immediate release
October 8th 2013
COPE says City Council should approve an office tower proposal by financial giant Credit Suisse only if the corporation contributes to the City’s Affordable Housing Fund.
“The city should be getting from the developer not just a promise to protect the heritage aspect of the Vancouver Stock Exchange, but also a significant financial contribution to build some social housing,” said Tim Louis, spokesperson for COPE.
“We believe that we need a city council that balances the competing needs of developers for more profit with the needs of the homeless for affordable shelter.” While this will be an office tower, COPE says Vision should not give the developer a free pass on the city’s dire need for social housing. The City should be taking every opportunity to build up social housing when these opportunities arise. The Vision Vancouver led city council should require a contribution towards its social housing fund in addition to the promise to preserve the heritage aspect of this building.
The proposal is based on a staff report dated Sept. 19 seeking approval from city council to enter into a Heritage Revitalization Agreement to “ensure the rehabilitation and long-term protection” of the original building at 475 Howe St., which Louis says would be another gift by Vision Vancouver.
Louis continued: “A 30-storey commercial tower in the heart of downtown Vancouver is going to deliver millions of dollars to the developer. Isn’t it time that some social housing was delivered to folks who are homeless?”
The complete report is available here: http://vancouver.ca/your-government/city-council-meetings-and-decisions.aspx .
For more information contact: