Quote:
Originally Posted by whatnext
Are you saying people homeless in the DTES haven’t been turfed out of their rentals elsewhere in the city over the last ten years? Broadway Plan protections haven’t been tested yet and it remains to be seen how effective they will be.
Solutions aren’t easy but it would have been a start not to approve so many luxury condos for investors in the downtown core over the last 10-15 years. Which drive up land prices to insane levels.
|
I'd be surprised if many people homeless in the DTES have been turfed out of rentals elsewhere in the city over the past ten years. At least, not without some extenuating circumstance like a failure to pay the rent, or breach of tenancy rules. Not many older rentals have been redeveloped in the rest of the city. Most redeveloped rentals have been in the DTES, where older SROs have been replaced with non-market units. There have been a few buildings replaced in the West End, but they've all been replaced with more social housing units than previous rental units, and there's always been a tenant relocation plan required before the project can proceed.
Not building luxury condos in the downtown core doesn't add any units to meet the demand for condos. If basic economics apply, more demand and inadequate supply would mean higher prices in existing buildings.
Land prices have been rising across the entire region because people want to move here and we haven't been able to build enough to meet that demand, despite building more than ever.
I think ridiculously low interest rates has had much more impact on house or apartment prices than a few hundred people buying expensive condos. In the past few years in the West End many developers are switching from condo to rental projects. That's because demand for condos has gone down, as interest rates have risen, and investment purchasing has fallen off, Overall demand for housing hasn't fallen, so rents have gone up. Land cost doesn't play a part in that change one way or another. And none of that has much impact on the DTES, (unless the zoning was changed to allow condos again).