B.C. plan to buy vacant condos draws criticism
BC condo conversion plan faces bailout concerns as governments target vacant units See why critics are skeptical, and what supporters say could ease housing costs
Critics in British Columbia are raising concerns about a federal and provincial plan to spend up to $3 billion to buy vacant condo units and convert them into affordable housing.
Housing experts and opposition politicians say the proposal could amount to a bailout for developers, especially as many unsold units remain empty in Metro Vancouver and some builders face financial pressure. They argue the plan may do little to solve the underlying causes of high housing costs.
Supporters say the funding could help bring completed homes into use sooner and reduce development costs for new multiunit housing. The governments say the program is meant to expand housing supply and improve affordability while also supporting needed infrastructure.