NPA councillor George Affleck has announced his intention to ask Vancouver city staff to formally address the problem of short leases in Southwest False Creek (SWFC).
The motion, which will be moved at next week’s city council meeting, concerns the 60-year leases entered into by the city and SWFC leaseholders in 1976.
“With less than 25 years remaining on a lease, it is increasingly difficult for leaseholders to finance or sell their interests as the remaining lease terms fall short of available mortgage amortization periods,” said Affleck.
“My motion is intended to start the process of finding a solution to an issue that has become very stressful in the neighbourhood.”
Affleck’s motion asks City staff to begin community consultation and engagement; review best practices pertaining to government treatment of leasehold property in other jurisdictions; and consult with industry, legal and property valuation experts.
“The uncertainty of their leases affects property values, future recapitalization and maintenance decisions,” said Affleck.
The motion ends by asking the city manager to report back to council with a detailed project scope outlining the SWFC leasehold issues requiring legal resolution, with a request for budget.
@jharrisonbiv
