This article was last updated on April 16, 2022
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Toronto mayoral candidate, Doug Ford, has promised that if elected mayor, he’ll “guarantee” to collect money from the sale of city buildings and use it exclusively to build subways. Ford explained it to be one of the nine “revenue tools” his campaign has brought together to pay for a massive expansion of the subway network.
In his remarks at a financial district on Thursday, Ford alleged that “we want to take the under-utilized property in Toronto, sell it at a premium and make sure that it goes directly to subways, not the general coffers.” Vice-chair of Build Toronto for almost four years, Mr. Ford was tasked to sell off city real estate. Currently, the agency holds around $540 million worth of revenue on the books. However, Ford confessed that last year Build Toronto didn’t make a single sale and explained that “you have to realize the market, it’s up and down,” adding that “some properties take a little while to change the zoning, to make sure that we have a buyer.”
On the other hand, the mayoral frontrunner John Tory criticized Ford’s technique and said that “only Doug Ford and the Ford sideshow could have turned in the most lucrative property market in North America … into an organization that actually lost $2.1 million dollars.” He stated that “Build Toronto could be a very useful source of funding for a lot of things, if there was new blood, including a new vice chair, and bring in someone else who knows what they’re doing.”
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