A developer, who purchased an old hotel that was about to fall to the ground, all the while pushing low income tenants out, has converted it into a low income hotel (article), similar to a Hilton long term residential motel. These people aren’t riff raffs, they’re coffee shop workers and school assistants.
This is Toronto’s real fix and more of it. Toronto’s administrative city planner has set the expectation for her kids to raise their families in large sky rise apartments. Yet the realtors are saying there aren’t any of that stock. Just as actual young families flock to the Niagara-Buffalo border where a two story house with a huge yard and Elon’s solar city factory next door costs a reasonable $300,000. The future is pleasant for Niagara Falls, and lots of work for the staff of Toronto (article). The only problem with housing in Canada is Toronto or Vancouver. Luckily other regions are also growing economically so you can work there as well (article).
And the administrators of this government have a lot of learning to do. Since the following verges on investing advice, I would preface it by just my personal thinking: A mortgage for low income earners, from the government, this being Canada, is better than giving away your capital gains for a Bernie Sanders fix. You are on the hook to the government but you get to keep your capital gains. (article)
The gist of this deal, with private developers, when the government really ought to help the problem of poverty[sic], is that for a 15% donation on the down-payment, you will give up the capital gains on the resale of a, otherwise, luxurious looking condo. That could be double the price you paid; still with me? A down payment is $20,000 (minimum by law) and 15% of that is $3,000. But when you sell, you give up your capital gains, which is the resale price of this nice condo. If it happens to double you gave up over $100,000 for a mere $3,000.
Lets make it stick. My building, was built in the 1960’s and each unit cost $60,000 back then. If they went for that deal, they’d be leaving $60,000 to their kids!
The reality is, if you are a coffee shop worker or school assistant forced to live in low income hotels for lack of space, move to Niagara Falls, it’s just a dam Starbucks job! Because Toronto is a god forsaken Judas! If you like that deal for the poor[sic] you will stay poor.
History has a life and Toronto, the Judas ill-gotten nerd, wants to end history and turn people into pillars of salt. While they dream of large sky rise apartments for their kids. Toronto is an illiterate unroyal whore. Toronto isn’t a city!
If you can’t do the math I just showed, even if you’re NBA, you’ll be poor. It’s finance and it’s ethical. My math can destroy any pretender on Earth!