At the same time, recently, at least one city councillor resurrected the idea of building a tower by city hall to accommodate the consolidation of city staff, as well as potentially for other uses. Such an investment, would be significant despite leveraging what appears to be a hot real estate market. While recognizing that your motion to earmark millions of dollars to poverty reduction and social housing needs is bold, how will you navigate and protect this investment against competing ideas such as the tower idea, or anything else that might call upon significant investment? Or do you see the ability to run this investment alongside other calls for significant investments
Poverty comes with high costs to the health of individuals, communities, and the economy. Poverty costs federal and Ontario governments between $10.4 and $13.1 billion per year. Lost productivity costs add to this burden; “Federal and provincial governments across Canada lose between $8.6 billion and $13 billion in income tax revenue to poverty every year.”
The investing in people poverty reduction plan is over and above any project that we are currently doing or contemplate doing in the future. Once the commitment is approved by council other projects will have to look to different funding sources. The reduction or elimination of poverty needs to be and remain to be a priority.