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Province’s $55M Housing Bust | Vancouver News
Description
The province spent $55 million on Vancouver’s Luugat SRO — a building worth just $38 million at the time — now valued at only $27 million, with just one tenant after over a month and a half. Critics say taxpayers are losing millions, as promised affordable housing hasn’t materialized and the site’s history of fires and floods adds to the mess. Urban planners and the mayor are calling it a mismanaged disaster, while the government says they’re still figuring out the best path forward — whether that means demolition or redevelopment — hoping for a better outcome for those who need housing most.
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