O
Observer Walt
Guest
Re: Blowing smoke on the water
There isn't any chance at all of them being evicted, they have long leases. I didn't think much of Bob Rae's government but I give him full credit for getting it right when the Islands Trust was created and years of disputes were resolved. They saved one of the most charming communities in Toronto, not to mention "affordable housing" which we keep hearing is in short supply. I also think there is a benefit in having "eyes on the street" so to speak, in the big park, with people always there, keeping it safer and liveable.
By the way, their lease payment may have been on the low side, but I wonder if most people know that part of the deal is that the Island residents will never have the opportunity to realize any appreciation on their houses, as most people do. They are not allowed to list them for sale in any kind of open market. If anyone wants to move out, they surrender the lease (on the land), and they sell the house, which they own, to the Trust. The price they get is based on cost only, ie., reflecting only what the construction cost would have been to build the house, minus accrued depreciation. They do have the privilege of living in a nice location, but they are hardly making out like bandits financially.
There isn't any chance at all of them being evicted, they have long leases. I didn't think much of Bob Rae's government but I give him full credit for getting it right when the Islands Trust was created and years of disputes were resolved. They saved one of the most charming communities in Toronto, not to mention "affordable housing" which we keep hearing is in short supply. I also think there is a benefit in having "eyes on the street" so to speak, in the big park, with people always there, keeping it safer and liveable.
By the way, their lease payment may have been on the low side, but I wonder if most people know that part of the deal is that the Island residents will never have the opportunity to realize any appreciation on their houses, as most people do. They are not allowed to list them for sale in any kind of open market. If anyone wants to move out, they surrender the lease (on the land), and they sell the house, which they own, to the Trust. The price they get is based on cost only, ie., reflecting only what the construction cost would have been to build the house, minus accrued depreciation. They do have the privilege of living in a nice location, but they are hardly making out like bandits financially.




