The vast majority will be fine.
You've said this, or some variation of it, seven times in this thread since this particular topic arose four days ago. If you're going to assert that, I think it's worth elaborating on why you believe that's the case.
For what it's worth, point-in-time counts of Victoria's homeless population showed a 12% increase from 2016 to 2020, and 92% of homeless people surveyed said they were in search of permanent housing. Their top three reasons for lack of housing were high rent, low income, and lack of supply (
https://www.crd.bc.c...-2020-07-31.pdf)
Current best estimates put Victoria's rental vacancy rate at below 1% (
https://victoria.cit...ly-lags-demand/), which speaks to the lack of supply. Meanwhile, the average rent for private apartments in Victoria increased by 30% between 2017 and 2019 (per the CRD report cited above). I'd love to be able to cite exact rates of wage increase for you to speak to the low income issue, but StatsCan's website is mostly down right now due to a web vulnerability. I can tell you they didn't go up anywhere near 30% in two years.
The statistics show that people, in fact, are not fine. Dealing with that obviously requires, in part, more housing supply, but it's disingenuous to pretend that there won't be real consequences in the short term as a result of eliminating some low-cost housing stock. The reasonable response would be to ask "what can we do about that?" rather than just asserting that a documented problem doesn't exist.