US Edition2,500-Unit Mega-Project Proposed for Montrealers Left Homeless by Housing Crisis
4 Articles
4 Articles
The Mayor of Montreal is studying the idea of transferring land to three real estate developers who wish to build 2,500 mobile housing units.
Some 2,500 housing units to get homeless out of the street, built on land belonging to the City of Montreal. Cost: 600 million, financed by a loan from Desjardins. The Société d'habitation du Québec (SHQ) would be the project manager and three major real estate developers in Montreal, the "executors". No profit to the key for them. The Quebec government would only have to finance the mortgage over several decades.
Three promoters want to build for the homeless
Three major real estate promoters are proposing a big residential project offering 2500 units for the homeless. The article addresses the inevitable question: what’s in it for the developers? A professor of urban studies at UdeM says they may not profit, but it keeps their workers busy, and instead of building luxury condos that don’t sell well, they will at least be building something that will be useful. I assume there will be tax breaks too.
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