Currently, nearly 100 uncompleted condo high-rises across the GTA are in financial jeopardy.
At the same time, homelessness in Toronto is estimated to exceed 80,000.
Such financial crises are often a playground for shrewd investors with deep pockets.
But why should REITs and investment firms be the sole beneficiaries of the irrational exuberance from 2017 to 2022?
This moment presents a unique opportunity for municipal, provincial, and federal authorities to step in and purchase or lease a substantial percentage of the unsold units.
Doing so would not only provide much-needed housing to underserved public sectors but also bolster our struggling construction industry.
Additionally, it could ease the burden on our healthcare system.
Most importantly, it would transform the lives of tens of thousands by offering access to affordable housing.
