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?
This research has found 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!
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.
The report, Why Eviction Prevention Matters: The Social and Economic Benefits of BC Rent Bank in British Columbia, looks at the costs to renters and government that are avoided when evictions are prevented.