Converting old single-family housing to higher density condos/apartments is such a wealth generating activity that it should be in those old folks’ self-interest to sell and get a slice of the upgrade wealth.
Right now in Vancouver, a typical lot is ~4k sq ft, limited by zoning to a ~2k sq ft house, and goes for ~2k/sq ft that people are currently paying to buy in this area (!!!)
Hypothetically, let’s say we flattened a single family house and replaced it with a 10 storey apartment. Using up the whole lot surface gets us to 4k sq ft / floor, so 40k sq ft total. If the prev 2m / 40k sq ft = $50/ sq ft in land cost.
From below source, you can build concrete tower apartments in Vancouver for <50 for land costs and you can now create housing at 2k/ sq ft. (!!!!!)
https://www.biv.com/news/real-estate/what-drives-high-cost-building-vancouver-condo-8246570
Developers should be able to buy these old folks houses at idk, 50%-100% over market price and still turn a huge profit here. Capitalism should be champing at the bit to convert these old houses and meet this huge housing demand.
There should be a lot of wealth, as in value created for the people using the space, to be created by improving the zoning efficiency.
For example, this upzoning project: ✅ Added more housing units ✅ Reduced cost per unit ✅ Made money for the developer Win-win-win!
I talked with a building developer and the rough math checks out. They can build at 500/sqft for land even out of Vancouver. Upzoning lets them turn a ~4m multi-occupancy lot, but upzoning is a big pain.
Open up zoning!