The Urban Development Institute sent a letter on behalf of its 900+ members to the City of Vancouver voicing its firm stance against the potential policy. udibc | CityofVancouver | realestate realestatenews Vancouver
. Between 2016 and 2021, the City received an average of 78 rezoning enquiries a year, O’Donnell said, but had received 91 for the Broadway Corridor alone between September 1, 2022 and December 7, 2022.
In other words, because of the limit of two towers per block, the quantity of redevelopable land options has been greatly reduced, and that scarcity brings forth increased competition from developers in the form of rezoning enquiries. To further contribute to that goal, the UDI is also recommending that the City create a “fast track” for applications that will allow them to be processed in a shorter timeframe. Applications in the fast track would be subject to a higher processing fee, which would later be returned as a rebate to builders who advance projects within a certain timeframe.
She argues, on behalf of the UDI’s members, that the annual project limit and the two-tower restriction would create a backlog of projects that could deliver much-needed rental housing and that what the City has proposed “would only defer the issue of tenant displacement.”
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