Right now, it's home to the world's Paralympic athletes. When they move out, the world will be welcomed back to buy a piece of the Olympic Village.
The City of Vancouver had promised to set aside 250 units in the athletes' village for social housing.
But the city also needs to re-coup the tens of millions of taxpayer dollars invested in the village before that social housing can become a reality.
Vancouver city councillor Kerry Jang told CTV News that the solution could be as simple as selling the units for top dollar.
"Maybe these things will sell (for) a lot more and that will help fund some of that social housing. That's the option we're looking at: How much do they have to sell for?" Jang said.
He was optimistic that demand would be high for units in the Village.
"There's not going to be any discounts. There's no fire sale. Quite frankly, I don't think we need it," Jang said.
But Tsur Somerville, a professor at the UBC Sauder School of Business, said that the False Creek location is not an ideal place for the city to build social housing.
"They're in a situation of their own creation. They promised social housing in a place where…there's no financial reason you would ever put social housing there," he said.
Market prices mean little to housing rights activists, though, according to Wendy Pederson of the Carnegie Community Action Project.
"We're worth it. People are worth it. We don't care how much it costs to build those units, people are worth it. That's the city's problem," Pederson said.
City council has said that it will try to make a decision on social housing on the site within the next month.
With a report from CTV British Columbia's Shannon Paterson
