The Ontario Municipal Board recently decided that a Toronto landlord was allowed to convert an apartment building into condos, despite the city's rejection of his application. Regional Group senior vice-president Jeff Gould said though he understands the councillors' position he doesn't agree with their opposition to his company's plans. But Holmes says the problem with the conversion is a loss of much-needed rental units. Though nothing has been finalized, Gould confirms there may be fewer units available after the conversion. Despite an obvious need for more rental housing buildings, developers have been concentrating on building housing for sale, not rental.
Condos bring immediate revenue.
When we lose any rental housing, rent goes up and what's left becomes less and less affordable. Holmes and Arnold say the federal and provincial governments have repeatedly refused the demands of social housing lobbyists. The councillors say the only solution to the region's housing crisis is government-built social housing. The regional government announced earlier this month that they will build 150 social housing units. The federal government has not offered any financial help with the project.