tldr - CMHC funded developers to build affordable rentals, but used a bad definition of “affordable.” Of the 177 projects funded, only 11 have rentals minimum wage workers could afford. Oops!
Look what happens when out of touch rich people try to plan social housing “A million is affordable, right?”
This is very common in this metro as well: the only way these new lougheed apartments can be affordable to anyone is if every bed has two full-time workers sleeping in it, and then the cost/space works out for 2bd or above.
So, don’t break up with your GF or the entire house is homeless.
6% success rate
What a fucking absolute joke
Note that “could afford” means the rent is 30% or less of their income. This is a pretty reasonable target, but not inviolable, especially when housing is out of whack with the rest of costs.
were we expecting any different from Liberals (or, for that measure Conservatives)? They always will chase higher income voters as those with higher income can donate more… so addressing low income issues (other than swiping them under the rug) is not in their best interest. In other words: our electoral system has a lot to do with the outcome and motivation for parties. They need middle class and up donations and low income class votes. So they use middle-class donations to create illusions of caring for low income folk. We’re all being duped here folks.
Even the median renter household in Ottawa – that includes two incomes – only makes $66,300 annually, according to the most recent data from Statistics Canada.
Jesus, two incomes in Ottawa only gets you $66,000? What the hell!
This is the best summary I could come up with:
When the $86-million low-interest loan for SoHo Italia apartment tower in Ottawa was announced in the summer of 2020, the federal government press release led with the line: “Every Canadian deserves a safe and affordable place to call home.”
Today, according to CMHC, all 250 units in the new building – which the SoHo’s website touts as “the finest luxury rentals in the city” – meet the loan program’s definition of affordability.
What it considers “affordable” is out of whack with reality, said Steve Pomeroy, who runs his own housing policy research company, Focus Consulting Inc., and has analyzed the ACLP extensively.
Compared with the monthly wages of 512 occupations provided by Statscan, the government’s threshold for affordability would be out of reach for 270 jobs, from cashiers to daycare workers to transport truck drivers.
“Nobody would pursue the financing,” said Dan Dixon, senior vice-president of corporate affairs for Minto Group, a major Canadian housing developer that has borrowed through the program.
Its president, Bruce Greenberg, said the tower would not have been feasible with stricter affordability measures under the current program – and, given the rising costs of construction, could not be built again today under those same rules.
The original article contains 1,638 words, the summary contains 200 words. Saved 88%. I’m a bot and I’m open source!
“the finest luxury rentals in the city”
Can I just have the bare-bones experience with some sound proofing, and reliable elevators?
