Quote:
Originally Posted by Changing City
The Pennsylvania restoration was more expensive per unit to complete than buying an apartment building because it was a heritage building that was in a poor state. Part of the restoration re-constructed the long lost witches hat roof, for example. You can argue that public agencies shouldn't buy up heritage hotels and restore them, but there have been many more acquired and completed over the years since then, as it has remained a BC Housing priority to carry out a high quality restoration, rather than a cheaper quick fix.
These days apartment buildings cost more like $500,000 a unit or more in Vancouver, [like this for example] but buying those buildings doesn't help solve homelessness as they're usually fully tenanted. A cursory look suggests there are very few buildings currently available in the market
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Quoting prices today is meaningless. How about you compare what condo prices are today versus 10-20 years ago? The point? One can't be made.
The whole point is spending extra to fix up a heritage building, building at higher than regular new construction costs when one could buy for
measurably less than replacement costs is unconscionable, especially when monies are being used to help those most in need. Talk about the poverty industry taking its pound of flesh.
Unforgivable, and any defense of the situation smacks of bureaucratic tone-deafness in the face of reality.