Brandon Donnelly — Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly. — Page 446

For those of you who are interested in crypto (and for those of you who aren't but are open-minded), Vitalik has just published this post talking about what in the Ethereum application ecosystem currently excites him. A lot of it is pretty technical, but the 5 overarching categories he talks about are: (1) money, (2) decentralized finance, (3) identity, (4) decentralized autonomous organizations, and (5) hybrid applications.

Money has always been considered the first and most important application of crypto. But there is no shortage of people who will tell you that it'll never work and that fiat currencies backed by a government will always be superior. Today I already think the answer is: it depends. So lately, I have been responding to this comment by asking: Would you rather own the Argentine Peso or would you rather own someting like ETH?

Here's how Vitalik talks about this same point:

When I first visited Argentina in December last year, one of the experiences I remember well was walking around on Christmas Day, when almost everything is closed, looking for a coffee shop. After passing by about five closed ones, we finally found one that was open. When we walked in, the owner recognized me, and immediately showed me that he has ETH and other crypto-assets on his Binance account. We ordered tea and snacks, and we asked if we could pay in ETH. The coffee shop owner obliged, and showed me the QR code for his Binance deposit address, to which I sent about $20 of ETH from my Status wallet on my phone.

This was far from the most meaningful use of cryptocurrency that is taking place in the country. Others are using it to save money, transfer money internationally, make payments for large and important transactions, and much more. But even still, the fact that I randomly found a coffee shop and it happened to accept cryptocurrency showed the sheer reach of adoption. Unlike wealthy countries like the United States, where financial transactions are easy to make and 8% inflation is considered extreme, in  Argentina  and  many  other  countries  around the world, links to global financial systems are more limited and extreme inflation is a  reality  every day. Cryptocurrency often steps in as a lifeline.

The other category that I find very interesting is that of identity. And it relates to a post that Fred Wilson also happened to share today where he talks about the importance of identity and the coming need for us to start cryptographically signing everything . In my mind, what this comes down to is proving things like who is who, who is doing what, and who owns what.

This may sound counterintuitive since crypto is often held up by the media as a way to obfuscate identity and conceal nefarious activities. But the thing is, as soon as you link a real human to a blockchain, you can now have identity and ownership records that are institution-independent and fully interoperable. One use case that immediately comes to mind is property deeds, which is of course already being done in some places .

For Vitalik's full post, click here .

North American cities have long had a problem with apartment buildings.

One the one hand, they were viewed as an important requirement for world-class status. Regardless of whether there was an economic imperative to build in this way, you needed grand buildings to communicate that you were an important and sophisticated city.

But on the other hand, apartments were viewed as clearly inferior to low-rise houses. Apartments were too dense; they were thought to morally corrupt people (infidelity meant just walking down the hall); and by definition -- until the rise of condominiums -- they were filled with renters .

I recently stumbled upon this 1989 research paper by Richard Dennis (through Bob Georgiou's blog) and it is a fascinating account of Toronto's first apartment-house boom from 1900 to 1920:

One of the first apartment houses to be completed in the city was the Alexandra Palace Apartments (pictured above) on University Avenue near Elm Street:

The next building to be completed, the Alexandra, on University Avenue, was on an even grander scale. It was promoted by the Union Trust Company, but subsequently owned by the specially constituted Alexandra Palace Co. Ltd., and opened in 1904. The building, of stone, brick and steel construction, comprised 72 suites on seven floors; it also included dining rooms. In 1905 more than a quarter of its suites were vacant, mainly on the upper floors (although the very top floor was fully occupied); its tenants included a leading judge, two barristers, a professor, a doctor and a prominent real estate agent, but otherwise its social standing did not quite match that of St George Mansions. In 1915 occupants included Professor James Mavor. There were more tenants aged in their thirties than in St George Mansions, but overall the average age of 42 and household size of 2.6 was not dissimilar.

But perhaps the most interesting part of the paper is Toronto's reaction to this apartment boom. We moved to stop it:

Nonetheless, it is clear that the attempted invasion of high-status single- family areas in Parkdale and, more especially, Rosedale and Avenue-St Clair, provided the catalyst to action. For all the moral outrage and sanitary evidence, there was little concern as long as apartments stayed downtown or in lower-status neighbourhoods. This becomes even more apparent when we examine what happened in the months following the passage of the by-laws.

Toronto's housing stock has changed dramatically over the last 100 years or so, and we are now nearly 50% apartments/condominiums over 5 storeys. But at the same time, some things seem to never change.

The National Association of City Transportation Officials (NACTO) has just published this report on shared micro mobility in the US from 2010 to 2021. And it's a good look at how this space has evolved over the years. According to the report, the first modern North American bike share system was installed in Montréal in 2009 and the first in the US was in 2010. Though a quick Google search has Washington DC claiming this title in 2008.

Whatever the case may be, bike share ridership started somewhere around 321k per year in the US and trip volume is now close to 50 million per year. Electric scooters also joined the mix in 2018, and 2019 was a banner year for this mode of transportation. The report suggests this was due to cheap VC money subsidizing these rides. Electric scooters have seen their average trip cost 2x between 2018 ($3.50) and 2021 ($7), despite the average trip distance remaining more or less flat (1.3 to 1.2 miles).

Naturally, the pandemic was bad for shared mobility. But it is interesting to see how much this space has rebounded and how resilient it seems to be. Prior to the pandemic, bike share usage had clear morning and evening peaks, coinciding with people commuting to work. Since then, we have seen a shift to both a wider range of trips (i.e. to do things like get groceries) and more trips throughout the day.

To download a full copy of the report, click here .