The Similkameen News Leader
Editorial
November 20, 2007
WHEN THE RENT GOES TO $2,000/MONTH
My how things have changed.
When we first arrived in Princeton in October 1996 we found a one-bedroom apartment in what was then considered probably the nicest building available for the amazing price of $315.00 per month.
Having moved from Penticton and paying $550.00 for a two-bedroom, 1 1Z2-bath apartment we thought we had hit the jackpot with less space and an extra $235.00 a month in our jeans.
This was also back at a time when both the mine and mill were chugging along quite nicely and the loneliest office in town was one operated by a government social assistance program.
It was also at a time when the average price of a reasonable 'fixer-upper' in downtown Princeton could be yours for $30,000. And it had already had about $10,000 worth of fixin-up in it from the previous owner.
Any idea what the average apartment rent is now?
How about the average house rent?
We publish some of those ads and scratch our heads at some of the asking prices, and wonder how some residents can afford to live in Princeton if the best job they can find happens to be one of the many minimum wage jobs available.
Then the other day we heard that one apartment building is in the process of 'strata-cizing' with talk of another going in the same direction before too long.
While we have no problem with the concept, what we worry about is where will those who can't afford to participate in the 'strata-cizing' of Princeton end up living?
With building developers going mid to high end, we think some of them are looking at the wrong big picture. We feel there is an excellent opportunity for one of these really smart developers to construct a subdivision of low cost rental units.
We're not suggesting something cheap and poorly maintained, but something that would be more in the range of many seniors, single people and young couples who already live here but may not be able to afford anything referred to as mid or high end.
Laugh if you'd like, but there will be a need before too long regardless of what the economic conditions of the community become.
And we think now is the time to be putting that plan into place, not later.
