A quote by an industry expert, buried in a Business in Vancouver article today, reveals the perverse effect of upzoning to increase density.
“The city picks where they want to throw highrises, and you just get, you know, a lottery ticket,” Harding told BIV in a phone interview. “Your profits basically double. When you can put a big tower on a little piece of land, it’s obvious that the land values are going to skyrocket. And when you take away all that [rental] supply, obviously people are going to get upset.”
Real estate broker Brandon Harding, quoted in BIV 16-Aug-2016.
Quoted from “Duelling Supreme Court lawsuits over major Burnaby property deal expose Metrotown land-use bonanza: Businessman, realty firm in court fight after properties sell for almost triple assessed value” (Darryl Greer, Business in Vancouver, 16-Aug-2016). Click for article.
Rezoning actually creates windfall profits for property owners. Municipalities claim that…
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