Posted on April 27, 2010
The case for social housing at the Olympic Village
Council’s midnight decision last Thursday to inject a further $32 million into social housing at the Olympic Village was one of the most difficult Gregor Robertson’s Vision team has confronted. I summarized the reasons why we did what we did here in this morning’s Province.
This should be last major financial decision arising from the NPA’s colossal mismanagement of the Olympic Village file. Almost a year ago, council approved a proposal to step into the village’s financing, moving out a New York hedge fund and saving taxpayers as much as $90 million. In about 60 days, the market units will go on sale. If all goes well, the city’s financial investment will be repaid.