I don't really see anything wrong with the cities position, assuming
relocation or reallocation is done is a reasonable and sensitive
fashion.  Although the example of the $1.0M property sounds nice, it's
possible that it's the property that carries the most value and the
house may be a mess.  If it's not, you have some horizontal
inequities.

Dan


On Nov 20, 2007 3:33 PM, Diana Liw <[log in to unmask]> wrote:
> Sorry.  May be I am not being clear.  I am not asking the net worth of the renter.  I am asking how much the average rent for a family costs.
>
> >>> toba bryant <[log in to unmask]> 11/20/07 1:11 PM >>>
>
> The average renter in Toronto has a net worth of $500. They have
> insufficient resources to buy a home. That is why they rent.
>
>
> ----- Original Message -----
> From: "Diana Liw" <[log in to unmask]>
> To: <[log in to unmask]>
> Sent: Tuesday, November 20, 2007 3:08 PM
> Subject: Re: [SDOH] FYI: City asked to sell off high-value public housing
>
>
> > Not knowing the housing market in Canada, but I am sure are similar to
> > the US, what type of housing can a family get with $1000 subsidity?  Are
> > they available in the same neighborhood that these families have been
> > living in?  Better yet, instead of $1000 subsidity, why not help some of
> > these families purchase some of these houses in these neigborhoods,
> > since they were acquired in a much lower value than now?
> >
> > Isn't there a saying that it's better to teach a person to fish than to
> > give him/her the fish?  Well, something like that.
> >
> >>>> Sunny Lam <[log in to unmask]> 11/20/07 11:24 AM >>>
> > City asked to sell off high-value public housing
> > Last Updated: Tuesday, November 20, 2007 | 8:26 AM ET
> > CBC News
> > http://www.cbc.ca/canada/toronto/story/2007/11/20/tto-housing.html?
> > ref=rss
> >
> > Toronto's public housing authority is being asked to sell off some of
> >
> > the expensive single-family homes it rents to low-income families.
> >
> > Some of the houses are estimated to be worth more than $500,000.
> >
> > Toronto Community Housing owns hundreds of houses in the city, one of
> >
> > which is worth almost $1 million.
> >
> > Coun. Case Ootes says keeping the properties just doesn't make sense.
> >
> > "If you were to sell that property you could provide three families
> > with $1,000 a month in subsidies. This does not make sense in terms
> > of managing our assets in a cost-effective way to provide social
> > housing to people that need it," he said.
> >
> > Ootes said the money could help cut the huge waiting list for public
> > housing, as well as the repair backlog, which is estimated to be
> > hundreds of millions of dollars.
> >
> > The houses were mostly acquired in the 1970s for far less than
> > they're worth today.
> >
> > Derek Ballantyne, the CEO of Toronto Community Housing, said there is
> >
> > value in letting low-income people stay in what have become
> > expensive, trendy neighbourhoods.
> >
> > "The fact that gentrification has pushed prices up * doesn't lead us
> > to the conclusion that low-income people do not deserve to live in
> > vibrant, mixed-income neighbourhoods and should be condemned to
> > living where real estate values are low," he said.
> >
> > Ballantyne said the entire public housing stock is being reviewed,
> > and once that's finished some of the higher-valued houses could be
> > sold.
> >
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