Editor’s note: A disturbing story highlighting a problem that needs to be watched.

By Patrick Penner, Tri-Cities Dispatch, Local Journalism Initiative Reporter

Affordable housing has been cut from a development proposal seeking to build a pair of six-storey mixed-use buildings in Port Moody’s historic downtown area.

Fourteen units out of 184 total were initially proposed as below-market rentals for the 10-lot development on the 2400-block of Clarke Street.

During early input in January, Port Moody city staff recommended five more affordable units be included, as the application had less than half the 15 percent requirement for density bonusing.

But the developer, Placemaker Communities, now says inflationary impacts on construction costs and rising interest rates related to project financing have made any below-market units financially unfeasible.

Continue reading Affordable units cut from 6-storey Port Moody development that would relocate heritage building →