Should Cities Develop Their Own Condos?

Despite depressed home prices around the U.S., Toronto's condo market is still so hot that the city government is considering getting a piece of the action.

Columnist John Bentley Mays thinks that this particular deal - Build Toronto, the public agency charged with unloading municipal property, is planning a development with builder Tridel - is a bad idea:

"In addition to doing very little to cure what ails this city, the Build Toronto-Tridel arrangement sends out messages that are, or should be, repugnant to every citizen.

It says any piece of our public realm that can't be made to pay its way financially – whatever its cultural, recreational, historical or aesthetic value – may be put on the auction block, even if the proceeds from the sale are relatively small."

Full Story: Joint venture on Toronto condo cuts a new path for development

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