The first "transformative" idea listed in the final report from the Mayor's Task Force on TCH(C) is to "(t)ransition to a new community-based non-profit housing corporation."
This option is not something that should be given serious consideration knowing that additional revenues are based on the fact that they would “probably be able to increase borrowing capacity.” Most people in the room at the Tenants First Advisory Panel information session were wondering how much more that might mean for Toronto Community Housing. One gentleman in the group asked if it could be billions of dollars expected as a result of distancing Toronto Community Housing from the city coffers.
My only question (which I yelled out during that session) was “How are we going to pay it back?”
That was spoken from the perspective of someone who has recently received a copy of their Certificate/Order of Discharge for personal bankruptcy. It's fiscally irresponsible to borrow money without any method or means of settling our debts. I have learned my lesson. Toronto Community Housing, nor it's tenants, can afford to learn this lesson the hard way.
I'm surprised, that as an accountant by a profession, the former mayor, Art Eggleton, didn't red flag this idea,