Quote:
Originally Posted by misher
In the 2019-2022 plan affordable housing makes up $498M, quadrupling what they used to spend. They city heavily relies on development to subsidize its budget.
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I didn't pick up on your statement, because I assumed you knew what you were writing about. My mistake, sorry.
That isn't a 'budget'. It's a statement of what the City anticipates they will receive as payments to meet the various aspects of the Capital Plan. Of the $498 million, $400 million is in the form of 1,200 to 1,600 units to be given to City as affordable housing as part of a development. They may not rezonings, they might just be built to inclusionary zoning, where the development has to provide a proportion of non-market housing. Examples are
the Jervis and
Mirabel on Davie street. Together they have 96 non-market units, so presumably worth between around $25m and $30m. If projects like that stop building, then the capital plan will have been over-optimistic. But the City isn't committed to any expenditure, and all it means is there's less affordable housing built to meet the immediate needs. When developments do get built in future, when the market picks up again, then the units will get handed over to the City at that point. Nothing changes, except the timing.
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