Posted by: tashi
Also if you let the building deteriorate then the property value drops, reducing the tax bill while putting the redevelopment together. If you're really lucky it gets so bad that the building is condemned and tenants have to leave, dropping the propriety value even further and saving on the expenses running a (low income) building.
We need to build socialized housing again. Can we get co-ops back please?
Reeks too much of socialism, and given the political climate in Canada right now, this about the furthest from what we need right now. We are so far in debt (and although CO OPs are a good idea, the amount the province pays in subsidy every year is high) that the idea of social program spending is going to be shot down at the first mention. I'm all for social programs but so long as we can afford them, and the amount of financing on the debt is going to cut deep into that idea. And what of land acquisition? Given the price of land here in the GVA I can't see much going to public housing as the market value is far higher. Truth is: the idea of affordable housing in Vancouver is over. If you can't afford to live here, move. Look at Monaco, what were are turning into. I'd love to have a condo there too but.........living in Vancouver is not a right.