Quote:
Originally Posted by flar
They're mostly empty most of the time.
And there's more not shown (I think I made that picture years ago)
And this is why I get so upset when they keep tearing everything down. 80% of downtown Hamilton has already been demolished, a lot of it buildings most cities would love to have.
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I think the buildings are demolished and turned in to parking lots for tax purposes more so than because they are viable parking lots. i think the math looks like this:
parking income minus property tax on a parking lot
is greater than:
potential rental income minus building property tax and maintenance
this is especially true of vacant or abandoned buildings.
the city is also more likely to approve a shoddy building design on a parking lot/vacant lot than if an existing building is on site. this would be more true of a city like london, On or Regina, Sk than Toronto, Montreal, or Vancouver who tend to have higher standards for any new construction, period.