The final page of the financial report on the Missing Middle Initiative written by the Coriolis Consulting Corp is available at City Hall. Well hidden within the conclusion is this line: The financial viability of the missing middle….is marginal. (page 13)
Another line: Because the financial viability of missing middle housing is currently marginal, there is little (or no) room for missing middle projects to provide amenity contributions or below-market housing under current market conditions. It will not provide affordable housing, nor will it deliver income to the City of Victoria in order to build affordable housing.
The question is then, “Why even bother considering the approval of this plan?” What is the goal of the Missing Middle Initiative? Will the wholesale change in how neighbourhoods are zoned attain the noble goal of creating what we need most: truly affordable housing? No, the goal is exactly what the market is providing now – more supply of luxury units in various types.
The important discussion of how to create affordable housing is lacking from this initiative. The city needs housing of various sizes that is affordable, that is, no more than 30 per cent of the average income of the average family.
If the Missing Middle Initiative is not financially viable, and will not get us what we need, do we need it?