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December 17th, 2021

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A Burnaby housing co-op whose land is being sold has rejected a proposal that would have meant rent increases of about 50 per cent for residents and higher costs for everything from laundry to parking. This housing co-op is on leased land owned by Local 115 of the International Union of Operating Engineers. The property, which has been assessed at about $130 million, is being sold after 40 years of ownership by the union. In a recent meeting, the co-op board voted against the contract proposed by the pension plan administrator, rejecting the increases in rent and costs associated to laundry and parking. The contract was said to be “totally slanted to the buyer” of the proposed sale. Read Vancouver Sun’s article to learn more about this story.

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