More rental housing on this site might not be the best idea, I think you'd need to sell strata in order to fix the drug/crime issues pervasive in this block. With that said, selling condos on this corner would likely be a challenge. Perhaps there's an opportunity to swing existing tenants into the new builds and demo 191 or 201 in the process, then sell strata through the latter stages of the redevelopment. Might even be able to get more coverage with the existing towers removed to make it worth it for the developers.
I disagree with your take here.
The existing rental isn't cheap; though granted I would prefer not to have MetCap for a landlord...............but I digress.......
The new rental will likely lean towards high end of market.
Condos in the area are already selling well just up the street at Regent Park; and are proposed just to the south at Queen/Sherbourne.
More rental housing is highly desirable.
It provides people options; and even when not 'affordable' serves to check excessive pricing in lesser properties.
Problems in this block, such as they are; are not the product of rental housing.