Vision proposes emergency rent banks
As Vancouver's municipal election draws near, incumbent mayor Gregor Robertson vied for the renter's vote Sunday by pledging to establish a rent bank.
The rent bank would give short-term emergency loans to renters facing financial crisis caused by unforeseen challenges such as sudden job loss.
"So they're able to access some funding on favourable terms that allows them to keep paying their rent and not lose their home," Robertson told reporters.
The bank would be funded by charitable organizations and administered by financial institutions in the private sector. Currently, rent banks exist in Victoria, Surrey, Calgary and the province of Ontario.
But NPA mayoral candidate Suzanne Anton opposes the idea.
"Cities don't make good banks. I do not agree with using the city of Vancouver as a rent bank," she said. "The only real answer to helping affordability is to allow housing to be built for the people who come to Vancouver."
Vancouver's election day is Saturday, Nov. 19, and advance voting options are available.
With a report from CTV British Columbia's Penny Daflos