Sure they would. The flippers would buy it, upgrade it, and sell it for 2x the money.
Hell I'd do it! I've got access to 225k in HELOC (as they haven't pulled that yet from me) and would love to do flips and the like.
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Does Toronto actually have a plan?
- Thread starter Baggsy
- Start date
Hell I'd do it! I've got access to 225k in HELOC (as they haven't pulled that yet from me) and would love to do flips and the like.
Every if they wanted to build it, there's zero neighbourhood in the GTA that would want it near them.
'Yes, let's help the less vulnerable...just not near here.'
Do you want what amounts to construction site offices plopped down next to your house, torpedoing your investment?
Of course not. Thankfully I don't have any large open spaces in this area near my place outside of Erindale Park.
As a first cut, make it mandatory for 10% of all new condos to be part of this program. They can't be segregated and must be distributed throughout the building. As every project has the same rules, that avoids people picking projects to avoid the poors. Use money like a land bank to buy fair market value condos in existing buildings to include in the program. Mixed neighborhoods are good.
As a backstop to the program, set a trigger that a criminal conviction by an occupant of the dwelling triggers a clock to sell the dwelling. Keep your nose clean and that won't affect you. Want to be the dealer to the rich kids in the building and you may find your family homeless. Trash the dwelling and its your equity being destroyed, government gets theirs first.
Mad Mike
Well-known member
They don't have to be ugly.
Toronto opens first modular housing building in Scarborough
Toronto built 250units using at a cost of $188K/unit. Not cheap, but less than 1/2 the cost of some projects they are undertaking. Let the gov be the financier, then let people buy them for $200K with the conditions 1) they must live there 2) no renting them out, no AirBnB. That covers the full cost. A 200K mortgage at 5% would be $1200/mo - which would be compatible to renting a dumpy place. They own it, and if they choose to stay forever, after 25 years their mortgage is dine and they have very little cost for accommodations thereafter.
Oh but then comes an MZO that gets rid of that original requirement of 10%, like what happened in sauga a few months ago and down goes the downpayment for the developers next yacht
Ideally it would be a provincial program. Avoids people shopping across a border to avoid the poors.
"But it makes me look like a second class citizen." (Technically, you are)
Do gooders will champion for more bling and vote chasing candidates will agree. The underprivileged can't be seen as being underprivileged.
I see a lot of higher end autos in the garages of subsidized buildings. I assume they were purchased used for the same price as a new Korean or Japanese vehicle but to them image is everything.
A relative was shacked up with a Russian babe that had a daughter and they were living in a subsidized two bedroom apartment. My relative was complaining about the unfairness of them not being able to get a three or four bedroom apartment because when her relatives came to visit they stayed for months.
This relative was not mentally retarded, having run successfully a few small businesses.
Do gooders and politicians see tax money as free, as do the consumers of the tax money.
The solution is to make the tax spenders into tax generators. Only then is there hope for a fix. I fear that our free money policies are pushing more people into the social service nets.
And that isn't???
Do you want that within eyesight/earshot of your
Queue the whataboutism BS.
Mad Mike
Well-known member
Do you prefer this architecture?And that isn't???
Do you want that within eyesight/earshot of yourhouseinvestment, knowing full well it will be a ghetto in105 years, and knowing that potential buyers of your house will know that as well?
Queue the whataboutism BS.
So you don't want to answer the question. I was bang on with the whataboutism response prediction.
There are these obvious people but then you also have the slightly more prideful people who don't wanna be seen as homeless and hide their shame deeper in the "woods"
Mad Mike
Well-known member
A bit misleading.
The number of affordable units were untouched, the number of unaffordable units increased.
With the current common definition of "affordable" being 10% below market rate, it barely matters imo. At 50% below market rate, that still exceeds 30% of income for many many people.
Mad Mike
Well-known member
I don’t think they need to be ugly, prefabs are not all made to look like army barracks.
I do think the need to be owned by the residents, not the public. That encourages responsible upkeep and reduces the chance of the places becoming slums.
Put a decent coop in the open field at the end of my street, as long as it’s not a slum… I’m thinking like this economical prefab from Copenhagen something like $150/sq for the building?
A co-op near my old house had a surprising number of euro cars and lifted trucks. Rent geared to income but it sure seemed like many had a lot of unreported income. Ownership sort of fixes that problem too. Once you are in, you don't get kicked out as long as it is your primary residence. I would probably also add that you should not be allowed to own any other dwelling and remain in the program (including through a corporation). Otherwise some FIRE people could remain in the subsidized unit while building a rental empire.
You are absolutely right, i was not clear at all. Here we don't know whether they'll keep the 5% of the original 8k or whether they'll increase it to 5% of the 16k.
In the end, it's not enough to address the actual needs of the population and allegedly the mayor was pushing for more
Mayor pushes for 10% affordable housing in huge Lakeview Village development in Mississauga | INsauga
A massive, lakefront development in Mississauga should have at least 10 per cent affordable housing.
www.insauga.com
We'll see where that lands.
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