June 2023
We read more about the drawbacks of large high-rise residential buildings from the few who complain than the many benefits derived by so many. When a new building goes up, they bemoan the loss of a favourite bar, pizza restaurant or movie theatre without acknowledging what is gained.
Ignore the complainers and recognize why so many including developers, government and virtually everyone else supports continued high-rise residential development. Figures are estimates for a single development with units able to house at least 1,500 people.
- Housing for at least 1,500 people with full occupancy virtually assured.
- Annual property taxes in the range of $5,000,000 to fund city services, social activities and physical infrastructure. Over a 50-year lifespan that works out to $250,000,000.
- Additional revenues to government in the form of taxes, fees and other payments.
- Development employs hundreds of people. Once complete, about four times more jobs are available than what would have existed previously in the commercial space.
- Hundreds of jobs are created servicing those who reside in the building. This includes contractors, retailers, health services, food stores, restaurants and entertainment.
Large residential developments are not perfect and there can be room for improvement. In most cases, they are a vast improvement over what existed previously.
