Quote:
Originally Posted by MonkeyRonin
The ceilings are low, yes, but the unit sizes & layouts are generally larger and more functional than newer buildings. Construction quality isn't any worse than modern buildings. They're not glamorous, and aren't as desirable as newer buildings - but that's exactly why they're important in providing affordable market-rate housing.
Replacing them would necessitate that the replacements be more expensive. And in Toronto at least, buildings like these are where the plurality of the population lives. It's modest, but livable and affordable housing.
|
London's real estate is probably so lucrative that it makes financial sense to replace one high rise with another even if it does seem wasteful. I don't think developers would get the same rate of return on affordable housing as they would brand new class A office space.