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The City of Vancouver has released a 10-year housing target that shifts its housing strategy towards renters, low to moderate-income earners, and families.

On Tuesday, the city announced a plan to add 72,000 new housing units over the next decade with an eye not just towards boosting rental supply but ensuring that supply is the “right supply” affordable for residents.

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“One of the really big moves of the housing strategy here is to turn the spigot on for rental housing,” said Gil Kelley, the city’s planning general manager — a recognition from planners and politicians that for many in Vancouver renting is the only affordable option to stay in the city.

About two-thirds of the 72,000 units will be rentals, including 20,000 purpose-built market rental units, which is quadruple the city’s previous target set in 2012.

Seventy per cent of the new homes are aimed at households earning between $50,000 and $150,000 a year.