May 29, 2020 by
1
It sounds like a victory of sorts, but as concerned University of Toronto professor Deborah Cowen sees it, “this might actually do much more damage than good,” because the definition of “affordable” is calculated on a median annual Toronto salary of $80,000. This would result in monthly rents of $2,000, making the Westbank apartments, scheduled (pre-pandemic) for occupancy in the summer of 2022, anything but affordable for many low-income people.
“That $200 million is really going pretty directly into the pocket of developers,” Cowen ruefully observes.