Quote:
Originally Posted by Greetingsfromcanada
Cap fees on newbuilds to a set amount that has to be justified and approved by the province. At the very least stop forcing apartment dwellers to subsidize detached homeowners. Introduce a land value tax to replace the property tax. This will encourage developers to actually build ASAP instead of sitting on land.
Allow unlimited FSR, 3.5 storey 8 plexes to be built in Vancouver on every lot. Allow 12 storey apartments within 1km of any 10 minute transit service. Allow single staircase buildings to be built again. Allow point access blocks to be built.
Allow BC crown corporations and translink to simply ignore even these zoning laws and let them build market rate at an advantaged position and use the proceeds as a permanent cash stream to build provincially owned housing. For translink, use as a cash stream to supplement operating or capital costs
If I had it my way, I would deregulate zoning further. But I'm being reasonable here.
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Some of your new policies seem to be concerned with affordability (fees on apartment construction) and others are about theoretically adding volume (3.5 storey 8 plexes on every lot).
Presumably you're also abandoning any requirement for providing any parking, or lot coverage? While you say an 8 plex 'on any lot' with unlimited density, are you including 25 foot lots, or those without a laneway? And why only Vancouver, where SFH land prices are greatest? You'd generate more affordability in suburban municipalities where lot sizes can be bigger and land persq ft if often lower.
Taking a typical 33' x 120' Vancouver lot, it seems like it would be theoretically possible to build a 27' wide structure, which had 1,600 sq ft per floor (with two units per floor over 4 floors). It would be a 'shotgun' design, 60 feet from front to back) with some quite gloomy rooms, but it would have 50% site coverage (so with some outdoor amenity space) and end up at 1.6 FSR.
Using a back of an envelope development cost estimate, If they were each 800 sq ft units I think it would cost at least $600,000 per unit once a developer had financed a house purchase, demolished it and constructed the 6,400 sq ft 8-plex, so they might be sold at about $700,000 each. (That's an average - more on the west side, less in some of the east side). That's a bit less than current market values for a pre-owned apartment. There would still have to be a strata for the building, but it could be self-managed. If homeowners also want to own a vehicle, you've also got a significant parking problem to solve.