Quote:
Originally Posted by drpgq
Across the province there's way taller buildings going up, not just in the city of Toronto. Considering the dire rental situation in Hamilton, it is frustrating when the city is continually arguing for less units.
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I agree that the height limit is silly. But the city has its reasons, which I recently found out is twofold. Not only does a height limit help encourage more development citywide (by not concentrating it on a few lots) it also reduces speculation because the maximum returns are fixed. Speculation does very little for actually getting things built, and only makes things more expensive most of the time- so I can sympathize with the city there.
However, I really am not sure this is best practice, as the policy’s efficacy is TBD and the degree to which it COULD be effective is unclear going forward. I’m inclined to think that reducing speculation, and even “spreading” development by limiting high concentrations of units is not something a height limit alone can do. At the very least, I don’t think Hamilton has the concrete data to back this up.
BUT, if the City has to go to the OLT and fight, then their case will have to be very strong- it’s essentially the make or break moment for the height limit. Either the OLT is convinced that the limit is a net good, or the height limit is rendered truly dead. This is the moment of truth; we now have a project banging at the gates that is willing to do more than ask the city nicely for more height.
I do think a reasonable reaction from the city is to reassess the height limit. The whole precedent is the escarpment which is clearly not allowing enough height for most builders to maximize their returns. It should be instead dictated by what kind of structures are feasible, and as has been discussed plenty, developers can easily go from 30 to 50 storeys, but beyond not so much. Hamilton has seen lots of 40 storey proposals, but nothing (serious) at 60+. So placing the ceiling in the same “construction category” means taller projects aren’t going to require disproportionate (ie, unrealistic) returns- it’ll be the same market environment, just with more units in any given place. With the way the city is now growing, I don’t think there will be too few lots getting developed as a result.