Quote:
Originally Posted by officedweller
I think the underlying theme is that the City doesn't want developers to swoop in and buy up single family houses to build towers - just mid-rises.
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Although I don't think that's the true motivation behind the city's suffocating restrictions on densification and it's policy of timid, incremental change in the inner city, whatever their motivation, it is a totally irrational and wasteful policy for a city with a real estate affordability crisis. Indeed, it's probably one of the major contributing factors of the crisis.
Having developers swoop in and buy up single family houses along major transportation corridors so they can build tall, dense buildings in their place is
exactly what Vancouver needs and should be doing. Forcing developers to go through lengthy, protracted and expensive rezoning approval processes, which then lead to economically sub-optimal density increases anyway, only forces developers to pass those economic inefficiencies and shrinking margins on to purchasers in the form of higher prices.
By allowing the market to be the primary determinant of density along such corridors, by contrast, you allow developers to make the most economically efficient use of the land. Those economic efficiencies are then passed on to purchasers in the form of lower prices. Multiplying that effect, the greater density creates greater supply, and the greater supply creates lower prices.
That's what an intelligent
big city does.