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By Capitalist (anonymous) | Posted September 09, 2009 at 12:23:14
I use strong language because I an sick and tired of seeing a once prosperous downtown become a slum and a ghetto.
Do you want to buy a condo downtown next to subsidized housing, homeless shelter or methodone clininc?
Imagine you did buy a condo downtown and the city built subsidized housing etc right next door, how much would your property be worth?
This scares away investors. Investors cannot get financing to do projects downtown because these factors increase risk. (banks demand higher interest rates which make downtown projects unfeasible).
These policies drive the middle class away from our city and to the suburbs.
I live on Hamilton mountain. I would consider moving to Westdale, Lock Street, Ottawa Street, or any of the other older hoods ( i love victorian homes) but I would never move to downtown Hamilton because it is a ghetto of poor people. The result is that my middle class dollars get spen elsewhere. Thus you have downtown Hamilton in the state it is in.
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