Re: Value of building permits more than doubles in Victoria
Jonathan Tinney seems to be happy to take credit for keeping development moving along briskly. Yet, neither he nor his administration have been the motivating factor in propelling the market forward.
The developers are interested in taking advantage of the truly amazing global market appetite for luxury housing units. What Mr. Tinney has done is given away all the extra zoning and capacity for very little cost to these developers. This explains the continued eagerness of developers to put cranes in the sky and build to suit the market demand for luxury.
Mr. Tinney should accept responsibility for the utter lack of affordable housing units created under his watch. Every developer is making money in this market except the city. The city gains small concessions and payments which accrue in such a fashion that the costs are not noticed because the next developer comes along. It looks like a giant Ponzi scheme – the next developer keeps some money rolling in to cover the accumulating cost of community amenities. When developers lose interest in building, it is the city that will be paying for the community amenities that have been quietly building while Mr. Tinney plays his fiddle.
Anna Cal
Victoria
