Quote:
Originally Posted by whatnext
Why is the city competing in the market housing arena? That land should be used to build rentals that the private sector can’t or won’t provide. Unless the city is saying the market can provide housing for households making up to $180k a year which is a sad state of affairs.
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You know why - the explanation is in the article. The mayor, and presumably ABC, believes in turning some of the land they have acquired over the years into an income stream to help subsidize City expenditure.
I'm not sure how they plan to fund the construction, which must be well over a billion dollars. Maybe they're hoping to tap into those federal or provincial loans for rental construction.
There's presumably nothing stopping a future council selling any completed buildings to another owner. If they had any land left, they could use the funds to build lower rent housing.
As we saw with the Main Street block the City recently acquired, this council wants to be a landlord of market rental housing.