Quote:
Originally Posted by whatnext
Umm, don't think they're keeping the older rental tower. It's getting demo'ed in favour pricy condos and expensive rental units (which only the city would have the gall to deem "affordable").
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These are market rentals. FYI the "afforable" component that I hear regularily tied to the classification and program terminology of the Rental 100 program come from the Province, as far as I remember (80%) when it was written. The City has to include that term in the program when it was penned. The term refers to and in comparasion to a mortgage.
"Expensive" and "affordable" are relative. Old rentals at below market rates are expensive to landowners (property tax), but affordable to renters of a certain income bracket. While "expensive rentals" may be out of reach for a good number of individials and households earning below $60k for a nice new unit, but is more affordable for the landowner.