The City of Vancouver collected the equivalent of $133 million from local developers in 2013 to reinvest in public benefits, according to the 2013 Annual Report on Community Amenity Contributions [CACs] and Density Bonusing presented to council Wednesday (January 21, 2015).
Of the $133 million, the City allocated $125 million towards projects of "specific public benefits," according to the report.
About half of that was offered in-kind, meaning they were or will be provided by the developers on site, such as affordable housing units.
City of Vancouver major projects CACs 2012
Some $63 million was earmarked for affordable housing, with an additional 886 secured market rental units created.
Heritage conservation received $13 million in 2013.
City of Vancouver community contributions chart 2012
The $133 million is double that received in 2012, which totalled $68 million. However, in 2011, the development industry paid $180 million in CACs to the City of Vancouver.
A month ago, a UBC report criticized the CAC system for not doing enough to ease Vancouver’s affordability crisis, and for a lack of transparency in reporting.
Yesterday, Vancouver was ranked as the second-least affordable housing market in the world.
