Ah, I think I misunderstood. I agree, tying low vacancy rate to upzoning can be useful. Although that begs the question why we had to wait for things to get bad to upzone. But one step at a time.

And that context the 7% is probably a safe metric. If vacancy rates are at that level I probably don’t mind too much if people worry about “neighbourhood character” or whatever else prevents them from allowing housing.