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Vancouver Mayor Kennedy Stewart warned the Urban Land Institute (ULI) during a speech on May 30 that the city and developers must find more common ground to build rental housing suitable for moderate- and low-income workers.

After about six months on the job, Stewart used his appearance at the ULI session to amplify his support for the city’s new Moderate Income Rental Housing Pilot Program (MIRHPP).

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“Our workforce has been pushed out of the city at a very remarkable rate,” he said to a ballroom-full of developers, property brokers and other real estate stakeholders.

Stewart anchored his argument to the economic consequences of failing to house workers who earn between $30,000 and $80,000 per year.

“I worry about our larger regional economy when folks have to travel two or three hours to get to their minimum (wage), or higher-paid jobs,” he said.

He said developers can make 15-per-cent profit margins on condos or only about five-per-cent profit margins on rental. “Of course, you’re going to build the projects that give you high yields.”