Quote:
Originally Posted by ssiguy
Does the City money not come with some strings attached in regards to either setting aside a certain percentage as affordable or all units being no more than market rates? I can't imagine his coveted housing program is going to be long for this world when Londoners find out that the City has given a developer $400k and then they rent for ridiculous prices.
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It's a separate office to apartment conversion incentive program, apart from the affordable housing programs. It would probably take a lot more than $28k from the city to make it worthwhile for a developer to undertake these conversions and still allow them to be under market rent.
I'm also skeptical that these units are going to be ready for move in within 7 months. That seems awfully aggressive to me.