Dear Editor,
Every reader forms his or her opinion after reading an article, but the salient point we should note that Coun. Carol Day expressed her dismay that the council had an opportunity to explore if the new approved development can provide some units for renters.
If you look at the real estate reports, the highest percentage of purchasers in new developments are investors, the smallest proportion of the buyers are the first time buyers.
Various forms of taxes have been enacted to assist in rectifying this imbalance, but vetting at the source and action by the city in this direction can go a long way in the community’s interest to provide affordable housing and rental housing.
Investors look at their interest first, it is normal to expect them to maximize their profit but the onus is on the institution of the community to ensure that the community’s interests are served before satisfying others.
The course of the deliberations is very much dependant on the mayor and council.
In this case, I feel that it failed to adequately challenge the developers.
Council should insist that part of its goals must be achieved in approval of the big development projects, the investors have tools in their kit, but it depends on how much you squeeze them.
Sadru Ramji
RICHMOND
