Metro Vancouver Regional District is considering waiving or reducing development fees for new affordable rental housing projects. This policy could increase the number of affordable units by 281 to 361 annually from 2025 to 2034 and lower rents by 4% to 4.4%. A broader waiver might boost below-market rental units by 5.3% to 6.7%. However, it could reduce development charge revenue by $5.4 million to $7 million yearly. Existing policies are expected to support 1,950 to 2,500 affordable units annually, with significant pushback from private developers regarding fee increases.
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