This Planet Money episode details how the Squamish Nation, a sovereign indigenous group, is building a massive skyscraper development called Senak on their reclaimed land in Vancouver. By being exempt from the city's restrictive zoning laws, they are undertaking an unprecedented economic experiment, providing much-needed housing and generating wealth for future generations, while also challenging traditional urban development paradigms and NIMBYism.
Summarized by Podsumo
The Squamish Nation's sovereign status allows them to bypass Vancouver's restrictive zoning laws, enabling them to build 11 skyscrapers (up to 60 stories) on just 10.5 acres of prime land.
The Senak project aims to be a "money-making machine" for the Squamish Nation, providing economic stability for seven generations after decades of displacement and struggle.
The development will add 6,000 new apartments to Vancouver, a city grappling with a severe housing crisis, demonstrating how bypassing zoning can rapidly increase housing supply.
Despite initial "Not In My Backyard" (NIMBY) opposition from local residents, the Squamish Nation proceeded, highlighting the problem of concentrated costs versus diffuse benefits in urban planning.
The project's rapid construction (three towers in three years) showcases how avoiding lengthy permitting battles and NIMBY lawsuits can significantly reduce construction costs and accelerate development.
"I want to do an ATM. That's what I call these. Plug the card in every end of the month. The money comes out."
"We got to be prepared for the unborn children that are coming and make sure they're survival that they don't have to deal with what we've had to."
"A lot of people look at us as, you know, we're indigenous developers, so they're expecting longhouses... No, like we're... We're creating something new, right?"