Urban planner says B.C. government will lose millions on purchase of notorious Granville SRO
The province, through BC Housing, paid well above the assessed value for the 110-room Howard Johnson Hotel at 1176 Granville Street, as part of a long-term plan.
Urban planner Michael Geller has expressed doubts that the B.C. government will gain financially from its recent purchase of the Granville SRO building, stating that taxpayers of British Columbia are likely losing half of the $55 million spent. The 110-room Howard Johnson Hotel at 1176 Granville Street and its neighboring development site were acquired for approximately $55 million, more than twice the combined assessed value of $38.6 million.
Geller suggests that taxpayers are bearing the brunt of this expenditure, with the Luugat SRO building recently assessed at $22.2 million, a significant decrease.
The building, which has housed one tenant a month since the government promised to close it six years ago, has faced numerous challenges, including several fires, over 200 floods, and a decrease in property value. The Canadian Taxpayers Federation (CTF) believes the deal was a poor one for taxpayers and highlighted that the province spent far above the assessed value.
Vancouver mayor Ken Sim and the BC Conservative critic for Mental Health, Addictions, and Social Housing, Claire Rattée, also criticized the purchase, citing ongoing maintenance issues and the failure of the supportive housing project. Both Geller and Rattée argue that the province should reconsider its approach to such projects and focus on providing adequate housing for vulnerable populations.
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