Victoria city council recently approved the largest rental development project in its history. Starlight InvestmentsB次元官网网址� Harris Green Village is lauded as a significant contribution to solving the cityB次元官网网址檚 housing crisis.
Starlight is CanadaB次元官网网址檚 largest financial landlord, having secured a 2018 multi-family real estate partnership with U.S. Blackstone Property Partners, the worldB次元官网网址檚 largest private equity investor.
Ten years ago, this Toronto-based real estate conglomerate purchased six multi-storey apartment buildings in James Bay. They displaced and evicted hundreds of tenants to undertake renovations B次元官网网址� later increasing rents and fees. Doing nothing to protect these tenants facing turmoil and a bleak future, the city claimed renters were the provinceB次元官网网址檚 responsibility, not VictoriaB次元官网网址檚.
Today StarlightB次元官网网址檚 partnership with a Victoria property management firm has achieved a B次元官网网址榪uasi-monopoly statusB次元官网网址� in the cityB次元官网网址檚 rental market. Although the multi-year Harris Green Village project will provide 1,700 rental units, only five per cent will be offered at below-market rates; the remainder will be promoted as prime location luxury townhome/apartment leases.
Starlight secured its approval by offering the city one small amenity B次元官网网址� 10,000 square feet of B次元官网网址榝reeB次元官网网址� community space (about the same size as the 47-year-old James Bay New Horizons SeniorsB次元官网网址� Community Centre, valued at roughly $2 million). ItB次元官网网址檚 a drop in the bucket for this lucrative investment project.
Was council aware Starlight presented the same proposal to the City of Burnaby? When Starlight couldnB次元官网网址檛 bend BurnabyB次元官网网址檚 housing policy, (mandating at least 20 per cent of all housing units built must be secured at below-market rental rates), they sought greener pastures elsewhere.
Why does Victoria have so little regard for two-thirds of its residents trying to survive in a housing crisis?
Do they share the CEO of StarlightB次元官网网址檚 view: B次元官网网址淲e think there is a definite shortage or almost a crisis level in Canada B次元官网网址� and that is good news for investors as there is no easy solution in sight. That is not good news for consumers.B次元官网网址�
Victoria Adams
Victoria
