Quote:
Originally Posted by Williamoforange
But Capital Ward Coun. Shawn Menard — the only committee member to dissent at approving the spending — said the units would still be too expensive for most renters. The Dream LeBreton units will rent at between 81 per cent and 90 per cent of the market value set by Canada Mortgage and Housing Corporation, while the five Claridge properties will rent their affordable units at between 91 per cent and 100 per cent of market value.
“It’s worth noting that 91 to 100 per cent of average market rent still isn’t affordable these days,” Menard said. “For me, it’s not a worthwhile investment to make it profitable for for-profit corporations to provide a slightly lower rent for a limited term.
“We shouldn’t be worrying about how to make affordable housing a profitable investment. We should be worrying about finding real, long-term solutions that take profit out of the equation.”
In apparently a shocking discovery to Menard, Subsidized housing requires a subsidy.... and in not shocking news to anyone else, further evidence the guys economically illiterate, as if he wants to lower the rents then push for an increase in the subsidy.
Anyways, we need more housing built, the city is incredibly short of supply, this subsidy will get more of it built as mixed income, and any increase in supply regardless of the cost to rent/own is a good thing.
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Is this Menard guy the same one who when first elected wanted to prohibit Planning Department staff from getting a job in the local consulting field or for a developer for a year or so after leaving the City. Just checking.
In Menardland the residents of the City would all live in deeply subsidized housing likely built by the efficient local government.
Norilsk anybody?
Menard always believes that private sector/profit making housing is bad and public sector/non profit housing is good...yet as posted here in this thread costs are such that deep subsidies are required and where will that come from. The money tree is only so tall.
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