Evictions represent a profound disruption in the lives of renters. Eviction negatively impacts mental health, family stability, and community ties. As housing affordability continues to be a pressing issue in British Columbia, BC Rent Bank serves as a crucial tool in maintaining housing stability for vulnerable populations.
Did you know that for every dollar invested in BC Rent Bank, there is a return of $5 in savings for renters and the government?
Our report shows that $1.9 million in emergency financial assistance went on to save renters $16.1 million in costs from rent hikes, moving and storage, and lost possessions, while the government saved $11.4 million through lower public expenditures for health care, child welfare, and housing services. That’s an estimated $27.5 million in savings!
These savings stem from lower public expenditures on health care, child welfare, and housing services, as well as private savings from avoiding rent hikes, moving costs, and lost possessions.
For the thousands of British Columbians who are only a single emergency away from not being able to maintain a roof over their heads, BC Rent Bank offers more than financial aid—it offers hope and security. As this report shows, being able to prevent people from becoming unhoused is far more cost effective than supporting people to become housed again.