The Little Mountain story will take more time. Whether it's a 'great story' is another question

In Vancouver, where the Downtown Eastside sits next to condos that sell for $3 million, there may be no more fitting symbol of its contrasts than the slogan that covers construction fences on a giant piece of land in the heart of the city.

"Great stories take time to write," say the banners surrounding the Little Mountain housing site.

It's an acknowledgement that the site, locatedbetween 37th and 33rd avenues and Main and Ontario streets, has sat virtually empty for 15 years since the province sold the land and 224 social housing sites were demolished and on Wednesday, that story got a new chapter.

"It's taken far too long. The excuses have to end," said Coun. Mike Klassen.

Klassen said this minutes before he voted to eliminate requirements that Holborn PropertiesLtd. build the rest of the agreed-upon replacement social housing units in the first two phases of their long-delayed redevelopment, instead having them delayed until the overall project, containing mostly market condos,is further along.

So far, only one 53-unit social housing building has been erected on the site.

WATCH| Coun. Klassen defends Little Mountain decision:

Vancouver councillor defends decision to let developer go back on promise to build social housing

10 months ago

Duration 11:40

Mike Klassen says the decision to release Holborn Properties Ltd. from a requirement to build social housing on a key piece of property, while disappointing, is necessary for the city.

The decision provoked plenty of online criticism.

But a close reading of the council discussion shows why a majority felt they had no choice and also shows the limits of a local government's power.

'This deal stinks,' says councillor voting yes

The decision played out alongparty lines, with the ABC Vancouver majority voting in favour and Green councillors Adriane Carr and Pete Fry, along with OneCity's Christine Boyle, votingagainst.

But most ABC councillors were tempered in their endorsement.

"We inherited a bad deal and bad decision from many years ago I will reluctantly support the recommendations," said Coun. Lenny Zhou.

WATCH | More than a decade of broken promises at Little Mountain:

12 years of broken promises for Vancouver social housing

10 months ago

Duration 2:19

Justin McElroy looks at more than a decade of governments and developers promising that the Little Mountain social housing complex will be rebuilt and then very little happening.

"Do I want to give this break to Holborn? No, I have no interest in that. Do I want to deliver these housing units and unlock this site and help the community move on? One hundredper cent," said Coun. Rebecca Bligh.

"This deal stinks, there's no doubt about it," said Coun. Peter Meiszner.

"But bottom line is we can't afford any more delays on this. And I feel that if we don't approve this today, that's exactly what's going to happen."

Ultimately, most ABC councillors argued two things: getting social housing built on a set timeline was better than waiting a number of years in potential legal wrangling and refinancing, and that B.C. Housing's letter, whichendorsedHolborn's request, was a key consideration.

"The letter that we received from B.C. Housing is very clear.The developer will be unable to get the necessary financing to move this project forward unless the [requirements] are removed," Mayor Ken Sim said.

"The province has done work on this file, B.C. Housing has done work on this file and I trust our team."

Private vs. public

However, questionsto Dan Garrison, the city's head of housing policy and regulation, from Pete Fryrevealed the possible limits to this approach.

"B.C. Housing staff have been in those meetings with Holborn and their lenders and can confirm that these occupancy permit holds are a challenge and a significant challenge, a fundamental challenge in access to finance," Garrison said.

"But it doesn't specifically say if this is an inability to get financing, or if it's just not favourable for financing, that they would prefer better financing opportunities?" said Fry.

"That I think is correct," said Garrison.

In other words, as Fry noted later, it's not necessarily the casethat Holborn couldn't build at Little Mountain with the previous requirements to get social housing done first.

It's also possible they would prefer to have, as Fry put it, "better terms" to start immediately.

Which is their right as a private company.

Just as it was the right of landowners of two infamous Downtown Eastside SROs to mostly ignore outrage over theconditions of the buildings until the citytook action to expropriate them. Just as it continues to be the right of Concord Pacific to continue keeping the Expo lands at the end of False Creek as parking lots.

Governments selling public land can sometimes make things happen quickly, but can sometimes leave things in limbo for a long time. Holborn continues to be evidence of the latter.

As for those signs about great stories taking time?

CBC News visited Little Mountain on Wednesday. Half of the signs around the property were covered with graffiti.

And the other half were turned over to the other side, those words now hidden to the public.