The Vancouver city council is debating creating a city-owned corporation that would build rental units as a way to generate revenue for the city.

The plan would see six city-owned land sites, worth $411 million, transferred to the new development corporation, fully owned by the city.

The corporation would then be tasked with developing an estimated 4,000 units of market rental housing to create a source of revenue for Vancouver.

“It will generate revenue that will go to the public benefit, we talk about infrastructure deficit, housing, other programs,” said Mayor Ken Sim during Tuesdays council meeting.

Brad Foster, the director of the Vancouver Housing Development Office, backed Mayor Sim when he told council the units would provide significant revenues to the city on an annual basis

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