One of the big housing trends that we have seen across North America over the last several years is the push to allow greater supply in low-rise neighbourhoods.
Here in Toronto, this has come through a well-known program called Expanding Housing Options in Neighbourhoods (or EHON), which I believe launched around 2020. But you can find countless similar programs in other cities.
Salt Lake City, for example, is currently looking at updating its single-family exclusive zoning to allow for "gentle infill opportunities" on smaller lots. The zones under consideration cover 77% of the land zoned for residential in SLC. And interestingly enough, this program is also called Expanding Housing Options.
In their case, they are proposing to create a new definition for "Small Lot Dwellings," which would, among other things, reduce the minimum lot area per dwelling to 2,000 sf, reduce the number of required off-street parking spaces from 2 to 1 per dwelling, and allow up to four homes per lot via fourplexes and townhomes.
One of the things that I found interesting about their proposed policies is that they seem to explicitly encourage "sideways" multiplexes and row houses like this:
This starts to tell you something about the scale of SLC's urban fabric, even though there are no dimensions on this conceptual site plan. These are big lots.
Despite sometimes having the same moniker, cities are responding to their urban contexts in different ways. SLC uses explicit density math: at least 2,000 sf of site area per dwelling. Whereas Toronto increasingly relies on built-form standards: here's the envelope you can build, if you can fit a fourplex within it (or a sixplex in certain wards), go for it. And don't worry about parking.
If Toronto mandated one parking space per dwelling unit, virtually no multiplexes would ever get built in the city. Our lot sizes simply don't allow for it. Moving away from the car is also the only way that Toronto will be able to continue to grow and scale up.
Despite these local nuances, the overall ambition remains the same. Low-rise neighbourhoods across North America are being asked to house more people on the same amount of land, and that's a positive step forward.
Cover photo by Ashton Bingham on Unsplash
Map and planning diagrams from Salt Lake City Planning Division
Earlier this month, self-driving car company Waymo announced that it had raised $16 billion (largely from its parent company, Alphabet) at a $126 billion post-money valuation. This is a big number. And according to Bloomberg, the company's annualized revenue run rate is around $350 million, meaning its current valuation is sitting at 360x revenue.
Multiples can often be sky-high for new, huge-bet companies, but Om Malik recently offered an interesting take on the "physics of the problem."
As of the end of 2025, Waymo was operating approximately 2,500 vehicles across its cities, with San Francisco and Los Angeles currently responsible for about 68% of the company's rides. And these cars are already running 16 hours a day, with an estimated 18 minutes of average idle time between trips.
To get from 400,000 trips per week (where they are today) to 1 million trips per week (where they want to be by the end of 2026), Om estimates that the company will need to add at least another 3,500 vehicles to its fleet.
If I then ask Gemini to extrapolate this out such that its revenue increases enough to drop its multiple down to 30x revenue, the company needs a global fleet close to 25,000 vehicles. That's ~22,500 more than it has today, and at $175k per Jaguar, that's an additional $4 billion in vehicles.
I guess it has the money for that, but it'll be fascinating to see how easily the company is able to scale around the world. This year, the plan is to expand to 20 more cities (with a list that erroneously leaves out Toronto). If successful, this will have a profound impact on our cities. And the lofty valuation represents an expectation that it will be.
Last week, we spoke about one of Toronto's failures when it comes to new "missing middle" housing, namely our inability to look forward to the Toronto of tomorrow, as opposed to only thinking about the Toronto of today. But let's not forget that there are greater biases at play here influencing these outcomes.
Beneath our concerns about not enough parking (how dare you wage a war on the car?) and congruency with neighbourhood character is a deeply rooted aversion toward higher-density apartment living; one that is arguably most prevalent in the English-speaking world.
Consider Toronto's response to the handsome Spadina Gardens apartment building at the start of the 20th century. We were certain that only people of questionable moral fibre would ever want to live in a four-storey apartment block!
Since then, we've become far more open-minded, but survey people in the Anglosphere about whether they'd like to live in an elegant Parisian block, and you'll often discover a stark preference for detached housing. In contrast, survey people on the European continent, or in Asia, and you'll often see different preferences.
Combine these preferences with the common law system prevalent throughout English-speaking countries — where individuals can more easily object to and block projects if, you know, the "vibe" is off — and the broad result is very different housing outcomes. There's data to suggest that civil law countries tend to build more housing.
Cover photo by Clarisse Croset on Unsplash