I am a resident of Vancouver, BC, and like many others, I am struggling with the high cost of rent. At present, a person earning the median salary in our city needs to allocate nearly 80% of their income just to cover rent for a one-bedroom apartment. This is not sustainable, and it is not fair.

Despite there being tens of thousands of empty units in our city, people struggle with housing stability. The problem isn't the supply; we cannot simply build or tax our way out of this problem. The issue is not lack of housing but rather the unregulated rental market that allows for such disparity between income and rent.

Vancouver has one of the highest costs-of-living in Canada yet wages have not kept pace with these rising costs. According to Statistics Canada, the median annual income of a single person in Vancouver is less than $40,000. In November 2023, rental website Zumper reported that the median rent of a one-bedroom apartment is about $2,700 a month, or $32,400 a year. That leaves an adult living on their own with only $7,600 a year for everything other than rent.

Statistics Canada reports that Vancouver's median employment income for families is a little over $82,000. According to Zumper, the median rent for a three-bedroom apartment is approaching $4,750 a month, or $57,000 a year (at time of writing). That is nearly 70% of household income.

This situation calls for immediate action from our local government. The City of Vancouver must implement regulations that tie average rents in Vancouver directly with average incomes, require applications for the building of future "Luxury Units," and cap the total percent of new units allowed to be rented at a premium. This will ensure fair and affordable housing for all residents regardless of their income level.

We need your support now more than ever! Please sign this petition and help us bring about much-needed change in Vancouver's rental market.