Council Votes to Sell TCHC Homes
City Council has voted 38-5 in favour of selling 55 of 619 Toronto Community Housing (TCHC) homes to raise money for repairs. This was just one of the things included in a report by Councillor Ana Bailao council endorsed on Tuesday.
Mayor Rob Ford called the conditions in most TCHC homes and buildings inhumane, pointing to holes in walls and ceiling which are caving in.
This move is expected to bring in $35 million for the city which will be put towards a community housing repair backlog that's estimated to be $750 million.
Bailao estimates $120 million can be raised over two years with the sales of these homes, finding $10 million in internal efficiencies at the TCHC and if 100 city-owned community housing homes are sold to tenants.
Against the move, Councillor Gord Perks says he thinks a better way of raising money for the repairs would be to increase property taxes all over the city by one or two per cent.
The homes are expected to go up for sale in 2014.