A $50 Billion plan for a bigger better Vancouver – paid for by not building parking spots. #noparkingrequired #50kabetterway
Before we begin. I am pro population growth. I want to see a Canada with 100 Million people in it. Why because we have lots of open land, amazing resources and cities that can handle this kind of growth. We need more growth to fund our sociality obligations to each other and this is the best way to do it.
The Vancouver Development Fund is my concept. This $50 Billion fund will allow Vancouver to invest in 25 years of growth and enhancement for Vancouver. This will support for the new city wide OCP rezoning that is coming regardless of who wins the 2018 election.
The fund will develop and manage new streetcars, trains, new bike bridges over False Creek, daylighting streams, 40,000 affordable rental units and powering this great port city for the 21st century.
Here are my quick numbers for discussions and to give you a scope of this investment.
Removes permitting costs from operating budget providing room for tax relief for small business owners. Including the application fees reduces out of pocket permitting costs for all property owners.
What the Fund will do
Fund and manage the assembly of lands for mass transit and daylighting streams to secure the lift from those lands. This will be done vs trying to secure CACs and reducing speculation. The fund will also build, purchase and manage an affordable rental program.
The fund will manage development rights in Vancouver. Cost of each unit $50,000(could be higher if less growth is desired) This represents a cost reduction over current policies, Units have no rights to new parking as new underground parking costs $50,ooo per spot.
The fund will have a direct claim on cash flow from transit system, street plug in meters and the affordable rental program.
How the heck do we pay for all of this?
Well remember I said population growth? With 600,000 new units over 25 years we can afford this.
The net balance plus interest costs will be covered from redevelopment along mass transit, rental incomes from properties (commercial and affordable) rentals and taxpayers as a last resort.
Transferable development rights
300,000 purchase rights will be given to existing residential property owners. Transferable/Sellable throughout Vancouver with the fund taking 5% of the value of any transaction over $50,000. This means they can build or sell the rights to a developer. The key feature of new units will be no parking requirements.
A carrot based rental system
Rental incentive program – any existing market units or buildings converted to permanent rental with receive the right to build 2 more rental units + 2 new units. New units must be completed in 10 years.
Existing rental buildings – for every rental agreement at affordable prices (based on 30% of income) – right to build 2 new market rentals.
Lastly, build it all out of wood. Let’s build a BC first economy that is a showcase for the world. I will have more to say about all these ideas in the coming days and weeks. And really this is just an idea to get the ball rolling.
If you are running for Mayor and like this idea. Call me, I want to be your Chief of Staff.