Media from around the world got their first look Wednesday at the 1.5 million square foot 2010 Vancouver Olympic athlete's village, as the city officially handed over the keys to Olympic organizers.

The rooms are spacious, and boast beautiful views of the water and downtown.

The buildings even have "green roofs" for gardening.

Vancouver Organizing Committee CEO John Furlong said he would "love to live here."

But there was something missing.

When Vancouver bid for the Olympics, it said the Olympic Village would be one of the Games' legacies and promised an equal mix of fair market, affordable and social housing after the Games.

Fast forward to today.

The social housing component is out the window.

There is still a plan to sell 252 affordable housing units after the Games - about 20 percent of the total number of suites.

But even that is uncertain.

"It's going to take more money to put affordability in there," Councillor Geoff Meggs told CTV News this week.

"Frankly, I'd be reluctant to see a big taxpayer funded project have nothing in there except for the very wealthy, but it's a financial question. We have to be responsible with taxpayer dollars as well."

The village went more than $100 million over budget. The city is trying to recoup those costs from the sales of Olympic Village suites.

Many who supported the Olympic bid because of the promise of non-market housing are upset.

"The social housing has to stay on site. They have to find a way to make that promise real," said homeless advocate Jim Green.

Mayor Gregor Robertson said Wednesday that the recession and "cost creep" forced the city to amend plans. A building boom during construction increased contractor fees and materials were more expensive than anticipated.

The mayor suggested that social housing can still be achieved -- by developing sites surrounding the village.

With reports from CTV British Columbia's Peter Grainger and Stephen Smart