Then, just to repeat the question, what powers are they missing? I can think of a dozen things they could have done for the Empress, most notably going in and doing the work. Unclear why instead of demanding better from your municipality you seem so intent on peddling this fiction that the City's hands were tied. In the case of the school near Dufferin Street and Eglinton Avenue West, as best as I can tell it wasn't even listed yet. WTF? Property was vacant, on the market, then purchased by a developer, and the City was still thinking about listing it (an action that requires no notice, can't be appealed, and ought to have been done several years ago in this case). The City dropped the ball - Catherine Nasmith's comment was "Snooze you lose." It's a hard lesson. If the property was listed, then the demo permit was issued in error. One can have all the powers in the world - in fact, one can have a magic freaking wand - but it's no use if the City sits on its ass, fails to do what it can under its existing powers and/or makes grievous errors. I'm not even intended to be critical of City staff who are involved -- lack of resources is the main problem.
As for the stock of older buildings on streets like Yonge and Queen, rather than settling for fairy tales from our Councillors about how they need more powers from Queen's Park, we need to demand more of the City under the rather broad powers it already has. Are they inventorying the properties to determine which ones still need to be listed and/or designated? Are they assessing the structural condition of heritage buildings? Are they issuing orders to have owners undertake necessary improvements and maintain the heritage elements? Are they stepping in when absentee landowners fail to communicate and/or adhere to orders? And are they doing all this while adhering to set timelines?
I would never suggest that there should be no discussions about what other tools the City might need for its toolbox. I am sure some heritage advocated would quickly give you a list, many of which have no realistic hope of becoming law. Part of the reason they have no realistic hope is because the City is not even coming close to using the full range of powers it already has. I think funding is, by far, the bigger issue. Let's look at the real issues.