Dear Editor:
Re: Teardown and Out, July 20 Viewpoint.
As an ex-resident and ex-council member of a condominium strata, I can tell you that most North Shore buildings more than 20 years old cannot be considered “affordable housing.”
If buildings are maintained properly – new roof every 18 to 20 years, replace copper piping and repair leak damage, update or install fire alarm, repaint/repair exterior cladding every five to 10 years, etc. – the maintenance cost is at least $6,000 per year per living unit, forever.
To that, add taxes, insurance, and other living expenses and you’re probably better off selling and moving than trying to age in place. Because landlords take risks and want to make a profit, rents are high, too.
In total, costs probably approach $60,000 per year, per unit – is that “affordable”?
Of course, if you have little or no income you can opt to not bother with maintenance, insurance, etc. But that’s a risky gamble, as many find out, both for the individual and for other residents.
Initially at least, a new building can be less expensive as an owner or as a tenant.
Bill Tracey
North Vancouver
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