11-03-2021, 09:11 PM
(11-03-2021, 08:15 PM)WLU Wrote:(11-03-2021, 04:41 PM)taylortbb Wrote: So they succeeded in making the building more expensive, and more of a luxury housing development. I'm sure it's the same people that complain about the lack of affordable housing.
So frustrated with these community groups, which appear to mostly be about doing as much harm as possible to lower income people, all while wrapping their actions in the words of progressive politics. How convenient that the supportive housing project won't be in their neighbourhood, luxury housing here, affordable housing elsewhere.
How did the building become more of a luxury housing development?
The total number of units went down, and the amount of parking went up. That means fixed costs, like site acquisition, planning, etc get split over fewer units, and more parking means the cost of parking (~$50k/spot) goes up on a per-unit basis.
The only way to keep the project viable will be to make it a higher end (more luxurious) development. Costs are up probably $20-30k/unit, which means final price has to go up more to make the margins still work out.
Same thing happened with Ophelia, where the preservation of the two houses turned it into a "luxury rental" development as that was the only way to make the increased costs still have acceptable margin.