Thank you, Mr. Chair.
I really thank all of the witnesses today. I think it would be great to have testimony like this for all city councillors and even for the planning departments of municipalities across the country.
I'm going to start with Mr. Lancastle and then go to Mr. Armstrong to ask about protection for co-ops and purpose-built rentals.
Mr. Hahn, if I get the opportunity, I'd like to talk to you about operating agreements, expirations and how those need to look going forward.
Mr. Reisman, if I get to you, I'd like to understand, for those municipalities that are underwriting some of this purpose-built, if they are underwriting with municipal reserves or assets, what is their risk? If I don't get a chance to ask you, if you wouldn't mind sending that in writing by email, that would be awesome.
Starting with Mr. Lancastle on assessment, I'm so pleased that you are here. With the number of times I have questioned “highest and best use” around assessment, I really feel strongly about this. Granted, the assessment authority is a wonderful organization, but highest and best is not keeping up with the societal impacts of assessing land only on market value. I've always wanted to separate highest and best. We're losing many businesses on our high streets. Local businesses are being rezoned and then immediately become more valuable as a piece of land than as an asset to the community.
My question for you, Mr. Lancastle, is that I keep getting told by BC Assessment that it can't be touched, but are there any conversations happening at the assessment authority on separating highest and best, the art and the science in the assessment of land, in these current conditions?