I was featured in today's CTV News coverage on the Broadway Plan's Pace of Change policy that is going to go in front of Council on March 29th.
As someone who has been following the plan and in discussion with both developers and potential sellers and owners of land in this region, in the development of the Broadway Corridor, I am cautiously optimistic about the proposed Fixed Rate CAC. If done right it can assist both development and affordability by taking out the vagueness and guess work in regard to the CAC costs.
I also have concerns about the potential impact of the policy's proposal to limit development applications for existing rental buildings.
As we approach the Council meeting on March 29th, I hope that the new council will take a long-term view of the Broadway Plan's proposals and carefully consider their potential impact. While I understand the desire to manage growth and development in a responsible way, I worry that some of the proposed policies could be short-sighted and ultimately limit the potential of the Broadway Corridor.
Last year's passage of the Broadway Plan already fell short of expectations, with a reduction in the proposed height and lot frontage requirements for new developments. If the Pace of Change policy is approved with a limitation on the number of development applications to be processed per year, it would be a waste of taxpayers' time and money invested in the plan's development. More importantly, it would be a missed opportunity to address the root cause of Vancouver's affordability crisis: a significant lack of housing supply.
I believe that it is possible to manage growth and development along the Broadway Corridor in a way that benefits both the existing community and future residents. However, this will require a careful balance between the needs of developers and residents, as well as a long-term vision for the future of the city. I hope that the upcoming Council meeting will provide an opportunity to have a thoughtful and productive discussion on how best to move forward with the Broadway Plan.
If the goal of the policy is to redirect development to non-rental properties, then there needs to be an additional incentive for developers to do so. So far there has been no mention of such.