BCBusiness

July/August 2024 – The Top 100

With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.

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24 S m all w o r k s B C B U S I N E S S . C A J U LY/A U G U S T 2 0 24 by Frances Bula Frances Bula is a long-time Vancouver journalist and the 2023 recipient of the Bruce Hutchison Lifetime Achievement Award from the Jack Webster Foundation. built (300 to 400 a year in recent years) is the unfortu- nate but inevitable outcome of city policies that make those backyard houses a dicey finan- cial choice except in special circumstances. And that's a waste of a huge resource. "We're dealing with a really large cohort of homeowners— upwards of 50 percent—that don't have a huge mortgage," he says. "The largest group of residential landowners in the country are sitting without an exit strategy." The current city policy in Vancouver (along with every other municipality that al- lows rentals) does not allow laneway homes built in most of the city to be sold, period, end of story. Those built on a property with a pre-1940s house can be sold, but only if Builder Jake Fry has a simple idea that he believes could produce at least 30,000 new small homes in Vancou- ver over the next decade. For context, that's as much as the entire Broadway Plan has set as its target amount of new housing for the same period. The idea: let Vancouver homeowners sell the laneway homes they're willing to make room for in their backyards instead of being restricted to only renting them. Unlike the current Broadway Plan, which is trying to squeeze 30,000 new apartments into a relatively restricted strip of the city (and coping with the demolition of affordable older apartment buildings that has many people worried), laneway homes would be a relatively low-impact way of making room for newcomers. It's something that California has just authorized as of Octo- ber last year. The case that Fry—who's been building laneway homes since Vancouver first allowed them in 2009 with his com- pany Smallworks and who's been a driving advocate at Small Housing BC—makes is that the relatively low number of laneways currently being DOWN THE LANE Could laneway homes be the key to unlocking new housing in Vancouver? L A N D V A L U E S BACKYARD BRAWL Vancouver city policies make laneway homes a risky gamble for homeowners

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