Vancouver city hall votes to ban renovictions. What does this mean for landlords?

Vancouver City Council voted unanimously in support of a motion aimed at protecting tenants from renovictions and aggressive buyouts. Council unanimously passed Coun. Jean Swanson’s motion to huge cheers from the dozens of advocates at city hall on Tuesday night. Landlords will be required to offer displaced tenants the chance to temporarily move out during a renovation without their lease ending or their rent increasing. Staff will be coming back with a report on a few other items, including one that deals with compensation during a renovation.

Jon Stovell if the President of Reliance Properties, the company at the centre of this renoviction debate. His company purchased the The Berkeley Tower in 2016 for $43 million. Last summer, residents were told by the developer that they would be evicted so that a major reconstruction and structural work can be undertaken, as the aging building requires upgrades in order to extend its lifespan. Since those notices went out, renters have been fighting the renovictions. What does he think about yesterday’s motion from city hall?

Guest: Jon Stovell President Reliance PropertiesPresident of the Urban Development Institute

Vancouver City Council voted unanimously in support of a motion aimed at protecting tenants from renovictions and aggressive buyouts. Council unanimously passed Coun. Jean Swanson’s motion to huge cheers from the dozens of advocates at city hall on Tuesday night. Landlords will be required to offer displaced tenants the chance to temporarily move out during a renovation without their lease ending or their rent increasing. Staff will be coming back with a report on a few other items, including one that deals with compensation during a renovation.

Jon Stovell if the President of Reliance Properties, the company at the centre of this renoviction debate. His company purchased the The Berkeley Tower in 2016 for $43 million. Last summer, residents were told by the developer that they would be evicted so that a major reconstruction and structural work can be undertaken, as the aging building requires upgrades in order to extend its lifespan. Since those notices went out, renters have been fighting the renovictions. What does he think about yesterday’s motion from city hall?

Guest: Jon Stovell
President Reliance Properties
President of the Urban Development Institute