Renato Vasco’s Post

We need innovative solutions to address our housing #supply crisis, and ones that can start #now. This paper from Urban Institute research associate Jorge González Hermoso offers practical guidance on which markets we should focus on for #office-to-#residential #conversions. Markets with the biggest potential? #SanMateo County and #SanFrancisco in CA, #Seattle, #Phoenix, and #Atlanta. What can these local governments do? 👉 1) Reform land-use ordinances, 2) update building codes, 3) streamline permitting, and 4) offer tax abatements or credit. Let's go! https://lnkd.in/eukxUjKk

Excellent solution. A few things to consider: + Municipalities should make as a part of the requirements nonprofit and BIPOC developers and contractors to lead some of the downtown development project conversions and possible ownership. Otherwise this will seem like another bailout for downtown landlords and investors. + Ensuring some of retail options and services cater to residents living in affordable apartments, such as daycare, shopping, and dining. It's not enough to just have affordable housing and the individual or family cannot afford anything other than their apartment. + Building near public transit is great. I would like to see a priority for areas throughout the south and west sides with intermodal connections, such as 95th Red Line Station, Chicago State University/Metra Station, and 121st/Halsted West Pullman. + A possible priority around public transit investments, such as the Red Line Extension stations and South Halsted Pace Pulse Corridor Enhancement. + Add shopping plaza conversions. Many of the local neighborhood economies relied heavily on the property and sales taxes generated from these projects. Since the economy changed and retailers are shifting to more regional hub models, our communities - especially on the south and west sides - have lost significant revenue. To help save our shopping plazas, we need resources to convert these plazas into mixed-use/multi-use and mixed-income residential developments. + Linking to employment opportunities, such as Google and Reimagine LaSalle Street development. Other proposals could target employers who made large corporate employment commitments to municipalities and convert surrounding vacant and abandoned offices to bring their employees back to the area. https://lnkd.in/gKCFb9_N

With office vacancy rates in Northern NJ near all-time highs, office to resi conversion has become a hot topic of discussion. While in many cases conversions are cost prohibitive, structurally impossible or restricted by local zoning laws, it hasn’t stopped people from trying. Most notably, 240 W. State Street, one of Trenton’s tallest office buildings, was sold last month to a buyer that intends to repurpose the 16 story, 240,000 square foot building into a multifamily residential property. Now there is more help on the way, with the Biden administration issuing new guidance last week that unlocks $35 billion in low-interest loans that can now be used for conversion projects near public transportation. What do you think? Do you think there will be more these conversions around NJ in the coming months?

The Government has recently announced changes to permitted development rights which will come into force next month. With the floorspace cap gone, many more commercial buildings will become eligible for conversion via this streamlined planning route which can only be a good thing given the increasing difficulty and delay in getting new schemes through the planning process. Is this enough to solve the housing crisis? No, not even close, but it does at least provide developers with additional options and for now, until we get more substantial reforms to the planning regime, that is perhaps all we can hope for. More thoughts in the post below. #realestate #planning #development #housingcrisis #offices

Victoria's Housing Statement charts an ambitious course with an 800,000-home target over the next decade. Premier Jacinta Allan's government commits to groundbreaking planning reforms, offering developers a priority path for projects over $50M. Ministers leading the bold initiatives include Tim Pallas (Minister for Economic Growth), Sonya Kilkenny (Minister for Planning and Minister for the Suburbs), Harriet Shing (Minister for Housing, Water, and Equality), and Colin Brooks (Minister for Development Victoria, Precincts, and Creative Industries).   This long-overdue initiative is set to redefine Melbourne's urban landscape. Property developers can anticipate a transformative decade of growth and innovation. The Victoria Housing Statement emerges as a high profile mandate, poised to redefine suburbs and will come to define the success or abject failure of this government now in its third term. https://lnkd.in/gX7GyxQd   #VictoriaHousingStatement #MelbourneDevelopment #UrbanRenewal #HomeBuilding #GovernmentInitiative

Do we want councils to relocate the ~136,000 additional homes away from stations? Would those homes require an extra car space, lumping $50,000 onto families? Hows this affect traffic? Families near stations have drastically less cars, this improves traffic. Surveys show local grievances to increasing housing is overwhelming due to traffic! (pics in comments) Local Planning is not good planning if its just NIMBY avoidance. Lets listen to the community and upzone stations, not alternatives. #nswplanning #transitorienteddevelopment #transportorienteddevelopment #tod

In a recent Mile High CRE report, Denver office market posted a 30.1% total vacancy ending Q3. This marks the highest level on record as many companies have been downsizing, relocating to more efficient spaces, or moving into newer developments. Following this announcement came the Biden-Harris' commitment to affordable housing. This announcement makes $35B in low-interest loans available for conversion projects near public transportation.   Previously, there was 16 buildings identified in Denver as ideal candidates for residential conversions. Financing these conversions, previous to this announcement, has been very difficult due to the major infrastructural changes necessary. I am very interested to see how this initiative will change the conversation around these conversions here in Denver.   Do you think this makes residential conversions more feasible and accessible... or are there still some issues that need addressed before the conversions can take place?

𝗜𝘀 𝘄𝗮𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗦𝗧 𝗼𝗻 𝗿𝗲𝗻𝘁𝗮𝗹 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴𝘀 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗼 𝗰𝗹𝗼𝘀𝗲 𝘁𝗵𝗲 𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝗴𝗮𝗽?⁣⁣⁣⁣ ⁣⁣⁣⁣ It's a step in the right direction, but it's not enough. CMHC estimates that 3.5 million new homes are needed in the next 6 years. To come anywhere near that target we need improvements in 3 key areas: approvals, workers, and financing.⁣⁣⁣⁣ ⁣⁣⁣⁣ 𝟭. 𝗙𝗮𝘀𝘁𝗲𝗿 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹𝘀⁣⁣⁣⁣ ⁣⁣⁣⁣ Rezoning and permitting are notoriously painstaking and time consuming. Governments need to finally step up and make the process more efficient. Note - Vancouver just approved the building of multiplexes on residential lots without needing to rezone, which is going to add to the supply. Another step forward.⁣⁣⁣⁣ ⁣⁣⁣⁣ 𝟮. 𝗠𝗼𝗿𝗲 𝗪𝗼𝗿𝗸𝗲𝗿𝘀⁣⁣⁣⁣ ⁣⁣⁣⁣ I hear it all the time... "Nobody wants to work these days". Attracting more young workers to construction has to be a priority. With the government recently raising the age of workers allowed on a construction site to 16 we took a step backwards. With so many online opportunities these days, we need to promote how fun and rewarding a career in construction can be.⁣⁣⁣⁣ ⁣⁣⁣⁣ 𝟯. 𝗟𝗼𝘄𝗲𝗿 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲𝘀⁣⁣⁣⁣ ⁣⁣⁣⁣ Many projects just aren't viable at current lending rates. Think about it - developers bought the land 5-10 years ago when interest rates were at all-time lows. By the time they go through the development process, get approvals, and start construction with interest rates at 10x what they were, it just doesn't make sense to build anymore.⁣⁣⁣⁣ ⁣⁣⁣⁣ I know I'm preaching to the choir here with many of you dealing with these issues on the day-to-day.⁣⁣⁣⁣ ⁣⁣⁣⁣ 𝗧𝗵𝗲𝗿𝗲'𝘀 𝗮 𝗹𝗼𝘁 𝗼𝗳 𝗶𝗻𝘁𝗲𝗹𝗹𝗲𝗰𝘁𝘂𝗮𝗹 𝗵𝗼𝗿𝘀𝗲𝗽𝗼𝘄𝗲𝗿 𝗶𝗻 𝗼𝘂𝗿 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗵𝗲𝗿𝗲, 𝘀𝗼 𝘄𝗲 𝗮𝘀𝗸 𝘆𝗼𝘂 - 𝘄𝗵𝗮𝘁 𝗲𝗹𝘀𝗲 𝗱𝗼 𝘆𝗼𝘂 𝘁𝗵𝗶𝗻𝗸 𝘄𝗲 𝗰𝗮𝗻 𝗱𝗼 𝘁𝗼 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝘁𝗵𝗲 𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆?

Go Spokane! This is what I mean when I say cities need to upzone their neighborhoods broadly and incrementally. We're never going to deal with the housing crisis, climate change, or our shortage of lovable thriving neighborhoods without serious zoning reform. I'm very interested to see how this goes and to hear what lessons others can apply. #strongtowns #urbanplanning #housingcrisis

Lack policy increases value of land and delays/cancel housing. City must stop negotiating by unit. 4 floors citywide. 6fl small arterials bus/streetcar. 12 fl large arterials LRT/subway. 20 fl around subway stations. As-of-right. Non-negotiable. 80% NIMBYs & YIMBYs would agree. Developers should not negotiate heights with councillors or staff. “Unhealthy’. Set rules and let them build. Fixed total failure of laneway housing and build. (LA approved same time, they’ve done 32,000, TO u-100!). One stop shop office to divide homes. ADUs. Potential: 400k; even 5% into 4 units is a big number. Permit in 30 days.