“This is crazy to me,” replied Mayor Colin Basran to a recent report recommending more than 2,500 affordable rental units by 2030.
The housing report submitted by city officials said Kelowna provided around 19,600 rental households in 2021.
Almost half of these rents are considered “core housing needs”, which means that tenants spend more than 30% of their income on housing.
While the 2,500+ recommended rental units would certainly make Kelowna more affordable for renters, officials believe the city will need $ 20.5 million a year to purchase the land.
“It just shows the deficit created by the lack of investment by the provincial and federal governments for decades,” added Basran.
“New funding flows will be important to us,” said Gilchrist.
“Municipalities cannot simply take responsibility or become partners without receiving new funding streams and do so solely on the basis of taxation.”
The staff’s report suggested that Airbnb tax money could be a potential source of income.
Without outside support, however, Kelowna will leave the funding required far behind.
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