Building_development

21:40 lead to the type of outcomes that we're looking for, and so we've tried to structure some information around that, and then leading from that is then, okay, if that's our strategy, what are the highest priority actions that we are taking as a city and why? So that's how we've approached this follow-up presentation. If there are other issues that we don't address, we hopefully will leave time for that at the end to answer those as well. So with that, I'm going to turn it over to Chad. >> Yeah. Thanks, Patrick. Diving right into -- oh, thanks -- diving into some of the data-rich slides. In April, Council had asked for data that compares the housing permitting trends we're seeing in Vancouver with other cities in the region and nationally.

22:36 This slide shows how Vancouver stacks up against other cities in the Pacific Northwest regarding the number of multifamily residential building permits as a percent of existing housing stock, which allows for an apples-to-apples comparison rather than simply reporting out on the number of permits or the number of units. We looked at permitting activity year over year going back to 2019. Vancouver's permit activity relative to existing housing is represented by the far left column, and then going left to right are Portland, Vancouver-Hillsboro, Spokane, Spokane Valley, Seattle-Tacoma-Bellevue, and the far right column is Olympia-Lacy-Tumwater region. Until 2025, Vancouver outperformed housing production relative to its current housing stock compared to all other Pacific Northwest cities.

23:34 Vancouver's strong performance, even through the pandemic, was heavily influenced by residential development at the waterfront and the downtown. Even though we have observed a slowdown in multifamily permits, starting in late 2024, Vancouver's housing production still outperformed both the Portland and Seattle regions as a percent of existing housing stock in 2025. This slide compares housing production to population growth for the same areas in the Pacific Northwest as the previous slide. In other words, by what percent is the housing stock growing compared to the population? On this chart, the higher the number on the left-hand side, the better it is for meeting our housing goals and accommodating future population growth, which also creates downward

24:30 pressure on rent growth. What we're seeing here is that in Vancouver, Seattle, and Portland areas, which are the top three lines, housing stock has increased three to five percent more than the population has increased since 2019. In 2025, housing production fell in Vancouver. We saw this clearly in our permitting numbers, which is causing a slight dip. We're hoping that will start to trend back up. Spokane and Olympia housing markets, which are the bottom two lines, are producing housing at about the same rate as their population has been increasing. So they're really not gaining any ground more than their population has been increasing. The main takeaway here is that while Vancouver is tracking with Portland and Seattle markets

25:25 to meet our housing goals under GMA, address the current deficit in housing units, and begin to see rents stabilize, we would want to see the housing stock increase six to eight percent more than the population for this time period. Now looking at some national comparisons, basically takes the same housing permit data that was in the first chart. It compares housing permit data versus existing housing stock, but on a national scale. We looked at four other metro areas and compared their performance with Vancouver's. The real standout here is Austin. It's the taller green column. Has outperformed most cities in terms of housing production and has seen a corresponding decrease in their cost of housing.

26:22 Austin and Phoenix, Phoenix is the yellow column, continue to see a high percentage of residential building permits compared to existing housing stock. Both cities have adopted or maintained development friendly zoning such as small lots, low minimum parking requirements, et cetera, and have less stringent state building code requirements than Washington state and have more available land to develop. All of those are contributing to some of the performance we're seeing from those two regions. San Francisco, which is the orange column, has had the lowest permit activity as a percentage of existing housing stock of the five areas. Possible reasons are land and construction costs are prohibitive and land is not as readily

27:15 available as it is in Phoenix or Austin, plus the regulatory environment is much more restrictive. Vancouver and Denver fall somewhere in the middle of the pack to meet our housing goals and the comprehensive plan by 2040 and address the existing housing shortage. We would want to see the number of residential permits be more than about three and a half percent of the existing housing stock. Taking a look at the Vancouver versus the same four metropolitan areas, this shows the difference between the percent of housing growth to the percent of population growth. Austin, which is the top trend line, is outperforming the four other areas with housing increasing