ProjectEnd
Superstar
On the one hand I agree that leaving all development to the whims of capitalism isn't a good thing, but I do question the ability of the City to actually complete a full project cycle on their own. We've seen how disastrously they can mishandle a theoretical rezoning (CreateTO) and it's easy to laugh at the seeming-incompetence and utter apathy of some municipal departments (I'm looking at you Toronto Water, Transportation Services, etc.), so it's with some trepidation that I evaluate calls for the City to fill the affordable void and build on their own.
In this case though, I'm unsure of the legality around what kind of due diligence Brad is expected to perform. At the end of the day, the units were illegal so his advertisement for them clearly indicates he was aware and still interested in making some money. That said, I'm sure he would have preferred vacant possession in the transaction at the end of the day so it's a bit of a grey area (unless someone can clarify). We'll have to see what happens.
In this case though, I'm unsure of the legality around what kind of due diligence Brad is expected to perform. At the end of the day, the units were illegal so his advertisement for them clearly indicates he was aware and still interested in making some money. That said, I'm sure he would have preferred vacant possession in the transaction at the end of the day so it's a bit of a grey area (unless someone can clarify). We'll have to see what happens.