March to block condos from the 100-block and defend Downtown Eastside low-income communities against gentrification and displacement
STOP PANTAGES CONDOS!
SOCIAL HOUSING NOT DISPLACEMENT!
SAY NO TO THE BC HOUSING BAILOUT OF SEQUEL 138 CONDOS!
Tuesday December 11
Rally & march meeting 2pm
In front of the Pantages demolition site at the blue wall
(About 138 E Hastings)
The developer who wants to build condos on the 100-block of E Hastings has recently announced a plan to start his sales. This project is part of a siege of the DTES by new condo projects that are driving up land prices and rents in hotels. Meanwhile, cops are clearing the streets and boutique shops are pushing out low-income serving stores and services.
The sales drive (whether imagined or a real threat) is backed by BC Housing dollars. A recent Province news article revealed that BC Housing bailed the Sequel 138 condos from the brink of foreclosure in the early summer with a low-interest $3.75M loan and promises $20M more to help with construction. Are Sequel 138 to be BC Housing’s first condos? (See more info below)
On Tuesday December 11 we will rally and march to demand social housing not expensive condos! People not profit! Stop gentrification! Community not displacement!
Organized by DTES Not for Developers Coalition
FOR IMMEDIATE RELEASE
December 6, 2012
BC HOUSING BAILS OUT CONDO DEVELOPER WHILE HOMELESSNESS CONTINUES
Vancouver, Unceded Coast Salish Territory- Residents and organizations in the Downtown Eastside are outraged and alarmed at the recent news that BC Housing gave Sequel 138 condo developer Marc Williams a $3.75 million loan (at 1.29 percent interest) for pre-construction costs and may provide around $20 million to fund construction for condos at the Pantages site. According to news reports that interest rate is well below the going bank rate of 4 to 8 percent. Continue reading