Toronto's executive committee will decide whether Toronto Community Housing should consider selling its stock of single family homes in an effort to generate revenue for the city.
Ward 29 (Toronto-Danforth) Councillor Case Ootes made that suggestion in a motion to council Tuesday.
But his colleagues voted to send the matter to the mayor's powerful executive committee for further direction.
Ootes is calling on Toronto Community Housing to consider selling three single-family homes on Ellerbeck Street, in the Danforth and Broadview area.
"The assessed value of the three properties combined is approximately $1.47 million. Individuals housed in these properties could be accommodated in other units owned by (Toronto Community Housing)," the motion stated.
According to the Municipal Property Assessment Corporation, the homes are assessed at $478,000, $497,000 and $496,000.
Ootes has also asked for a complete list of all single-family houses owned by Toronto Community Housing, the 2006 Current Value Assessment of each and recommendations on the feasibility of selling the properties to generate revenue. Toronto Community Housing owns some 500 single-family homes throughout the city.
"I've been thinking about this for some time. I've never been happy with our housing policy, which has always put its emphasis on the need for the city to actually own all the homes that we provide to those that need it," Ootes said in an interview.
"We're not looking enough at the opportunities to subsidize people.
"When you look at the three homes in my ward, which collectively were worth a million and a half two years ago, they're probably worth close to $2 million now, you could house 10 families and subsidize them by $12,000 a month just by the interest let alone the taxes that those properties generate and the repairs that have to be paid," he said.
"The point is that the housing authority needs to look at its portfolio and assets and how best to deploy those assets to provide maximum leverage in terms of providing housing to those that need it."
In a statement issued last week, Toronto Community Housing had this to say: "Toronto Community Housing believes that mixed-income neighbourhoods make an important contribution to the quality of life in Toronto. Our tenants have a right to live in all neighbourhoods in the city, and Toronto Community Housing does not believe that high property values fueled by speculation and gentrification should mean our tenants are displaced to low-income neighbourhoods. A healthy city is an inclusive one."
Ootes said he agrees tenants have a right to live in any community.
But he noted that "taxpayers also have a right to expect that their hard-earned dollars are managed in a way that is responsible and looks at opportunities to stretch those dollars in a way that makes sense and it doesn't appear that that's what's happened."