Toronto Yonge & Rich Condominiums | 156.35m | 46s | Great Gulf | a—A

DSC said:
Google gave this..... https://tayloronhistory.com/2015/04/17/torontos-old-sheas-victoria-theatre/
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Tremendous.

Q. Has the site been a parking lot since the theatre was demolished in '56? I've seen other photographs Her In UT of the St. Lawrence Market neighbourhood that appear to be of the same vintage and that area was littered with parking lots. Desolate and from today's perspective, depressing. No More! The rapid pace of development in downtown over the last 15 has been breathtaking. Anyone have the stats on residential units added from the first shovel of Concorde's City Place to today?

As well, a nagging question that keeps rattling in my noggin is, with all the tens of 1,000's of new condos built, each one replacing said parking lots that for sure contributed just a fraction of the tax revenue each new tower pours into City coffers, with all that new never been seen before cash why can't the City move from red to black in the books. It's not like each tower creates gargantuan costs for new infrastructure or social costs. With the heights being achieved Today, it's mana from the heavens.
 
The site was a gas station at one point.

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Christopher Brown said:
As well, a nagging question that keeps rattling in my noggin is, with all the tens of 1,000's of new condos built, each one replacing said parking lots that for sure contributed just a fraction of the tax revenue each new tower pours into City coffers, with all that new never been seen before cash why can't the City move from red to black in the books. It's not like each tower creates gargantuan costs for new infrastructure or social costs. With the heights being achieved Today, it's mana from the heavens.
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That's what happens when you freeze property taxes or keep them below the rate of inflation. You have a hard time getting into the black.
 
Point taken.

But have taxes been frozen, or have they risen with inflation?

Have all our other fees due to the City been frozen, or have they been jacked up at will?

Even if they were 'frozen', the number of new high-rise households paying property taxes, etc. has risen sharply. And assessments on all real estate in Toronto have increased so the amount all homeowners pay per year has increased.

And let's not forget about 7-8 Million sq. ft. of new office space built since 2009 in downtown. It kicks out $10-$14.00 per sq. ft. to City Hall. What that, $100 Million / yr?

We're taking BIG BIG never before paid, brand spanking new tax money pouring into Metro Hall coffers.

I know how much I pay in property taxes. When I think about multiplying it all or in part, or more, X the number of new units built in the last 10 year wave, PLUS land Transfer Tax on every new or resale trade, I wonder where all this new found money is going? i.e., one new res tower of 400 units X $3,000 average per unit = $1.2 million per year (?).

Not a political statement. Just simple math from my simple brain.
 
Christopher Brown said:
Point taken.

But have taxes been frozen, or have they risen with inflation?

Have all our other fees due to the City been frozen, or have they been jacked up at will?

Even if they were 'frozen', the number of new high-rise households paying property taxes, etc. has risen sharply. And assessments on all real estate in Toronto have increased so the amount all homeowners pay per year has increased.

And let's not forget about 7-8 Million sq. ft. of new office space built since 2009 in downtown. It kicks out $10-$14.00 per sq. ft. to City Hall. What that, $100 Million / yr?

We're taking BIG BIG never before paid, brand spanking new tax money pouring into Metro Hall coffers.

I know how much I pay in property taxes. When I think about multiplying it all or in part, or more, X the number of new units built in the last 10 year wave, PLUS land Transfer Tax on every new or resale trade, I wonder where all this new found money is going? i.e., one new res tower of 400 units X $3,000 average per unit = $1.2 million per year (?).

Not a political statement. Just simple math from my simple brain.
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Right, but there are also added costs that accompany that growth. Whichever way you shake it, as expert third-party reports have illustrated, the city does indeed have a revenue problem. And in a closed system, a revenue problem in one area effectively applies pressure across the board.
 
I think the City would be well advised to show in simple terms so folks like me can understand and digest, a one page list of expenses under each category. Spell out how much each has increased, if any, per year for the last 10 years. Same for the amount of revenue from each source category. Nerds can drill down to their hearts content.

Compare the two pages. Prove how much more they need and when. The trouble is today, it's a black hole Jane and Joe Public can't fathom. All we hear is the never changing chorus, we need more.

Tax increases required to pay for the new transit, infrastructure replacement, new parks, re and re social housing, social support - it all falls on deaf, tax burdened ears. We need all the things I've listed and a lot more to make this city even close to world class as some wish it was already. Someone needs to sell everyone on it and soon.
 
Christopher Brown said:
I think the City would be well advised to show in simple terms so folks like me can understand and digest, a one page list of expenses under each category. Spell out how much each has increased, if any, per year for the last 10 years. Same for the amount of revenue from each source category. Nerds can drill down to their hearts content.
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I think the city would be better advised to stop beating around the bush and implement the tax increases that are obviously necessary, especially for the public transit investments that everyone agrees are essential, and forget about trying to achieve consensus or please the populace because that is never going to happen.
 
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