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Originally Posted by Migrant_Coconut
Devil's advocate: subsidized rental housing. The CoV becoming a for-profit landlord seems like it causes as many potential problems as it solves unless they also place restrictions on themselves.
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If the City owns rental housing, future Councils can choose how much of it is available as subsidized housing. If they don't build any housing, they will own none to potentially subsidize. In the short term they have to pay to build the new housing, and they need to cover the debt they'll have to take on to build it.
Property taxes are already expected to rise another 5% next year to cover existing programs and services, and there are plenty of other things that additional taxes could cover if the City wanted to add to that (apparently model steam trains and swimming pool filtration equipment are high on some people's priorities). The City's proposed additional rental housing will cost billions to build, but longer-term, it's a stable source of revenue. How that's spent (to subsidize future City costs, or to subsidize rents) will be up to future Councils.