this post was submitted on 03 Apr 2024
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I'm all for density, but I'm not sure how this will ensure new housing is affordable. Anecdotally, whenever a $600k house was torn down in my 'hood, it was replaced by 2-4 units that each went for $1m or more.
Supply and demand is a thing, but they're so far out of whack at this point, that I think it'll take concerted effort by non-profit builders to construct anything affordable.
Building a new structure in a city is about 1m$. Being able to split this 4 ways could help reduce prices if enough come online that demand starts to teter off. This will incentivize redeveloping aging single-family homes in downtown cores. Density isn't just about being green, but helps reduce the cost of overall infrastructure maintenance, taxes, and helps the city remain financially healthier. That said, this is a single step towards repair... it will take decades to see the effects.
It could, but I have a hard time seeing a for-profit builder charging less than the market can bear.
On top of that, there's a shortage of tradespeople, and the increased cost of borrowing, which makes it unlikely that we'll see anywhere near the level of growth necessary for that to happen organically.
Our governments need to get back into the building game. They need to make like the 1940s and 1950s and build a tonne of affordable housing.