Monday, November 21, 2011

Vancouver Update: The Apartment House Cometh






h/t Market Urbanism for the article.

Related post: Vancouver and the Zoning Straitjacket



    That's a really good way to describe the problem! I've often wondered if the similar complaints about "rich people turning New York into a millionaire's playground" are backwards: maybe the constrained supply and soaring demand for housing in New York has pushed up the prices such that only the rich can afford to buy in? Vancouver and New York aren't gated communities - that is, they didn't set artificially-high housing prices to "screen" the entrants from the get-go - but rather the supply of housing was constrained and eventually outstripped by the demand.

    "Upzoning" used to occur organically as needed (like a 'safety valve' for housing to reduce demand pressure), and there understandably was a lot of concern over speculation and the unpredictability of growth under this system. But today's formal, planned, slothlike, bureaucracy-laced upzoning procedures (where they even occur) don't seem to be working too well either, at least in urban areas like Vancouver or DC or New York. Historically cities (markets) found a way to induce balanced growth such that all classes - from the very poor to the very rich - could easily find housing in them, but that doesn't seem to occur quite as easily anymore.

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  3. A lot of report these days says that most rich people do live and have their properties and investments at New York, where a large number of New York real estate CE courses are beingg offered as well.


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