A recent story in the Brampton guardian caught my eye, which you can read here: https://goo.gl/i6mkBS
The gist of the story is best summarized in the following quote: “However, according to councillors, developers have now returned asking for funds to convert second-floor space to affordable housing units because of difficulty leasing it to commercial users.” To summarize the problem, by taking away rentable commercial space (a source of Revenue) and converting that space to affordable housing units (an ongoing Expense), the developer will not only incur the immediate cost of the conversion, but also create an ongoing financial deficit.
Which begs the question, what One simple change could the Developer make to turn this project around? A view of the exterior of the building in question may shed some light on this very important question…
I mean, call me #Wacko!, but wouldn’t say, a visible For Lease Sign be in order?
Or an “Available Soon” or “Coming Soon” or “Now Renting” or “Now Open” or “Construction Completed” or any number of other signs to let people know that the space is even for rent in the first place be a good place to start? Or, and I know this is complete crazy talk! but shouldn’t the space be listed on MLS (Realtor.ca)?
The Region of Peel and the City of Brampton should always be ready to help those who help themselves. Absolutely. But when you approach the government for funding of any kind, I think it behooves developers to demonstrate that they have exhausted some level of due diligence before they look to the public purse.