Plante unveils plan to buy land for affordable housing
$800M initiative would help in market that's becoming `fragile,' candidate says
Valérie Plante is pledging to devote $800 million over 10 years to help Montreal buy land that will be used to build affordable housing.
If she wins re-election Nov. 7, Plante said Wednesday her Projet Montréal team will enable the construction of 60,000 affordable and social housing units over the next few years. To thwart speculation and prevent the quick resale of properties at a profit, Montreal will continue to own the land.
Access to housing is the most important issue of the municipal election campaign, according to a Léger poll published Wednesday by Le Devoir. Twenty-seven per cent of respondents ranked it No. 1, while 55 per cent identified it as one of the main topics.
“Affordable housing will never again be used for speculation,” Plante said at a news conference in St-michel. “It will be offered to Montrealers who really need it, for today and for tomorrow.”
A portion of the $800 million would come from the city's budget, while the rest would be borrowed, Plante said. Montreal has a “phenomenal” borrowing capacity, she said.
Some of the new apartments will be made available for rent, while an unspecified number of condos will be offered for sale. Unit prices and rents will be capped at 90 per cent of market value, according to Robert Beaudry, who's running for re-election as city councillor for Plante's team.
“We have to preserve affordability in Montreal,” Plante said. “We don't want to become like Toronto or Vancouver. Montreal can still claim to be an affordable city but it's starting to become very fragile.”
Asked who would be eligible to buy or rent affordable housing, Plante said her plan targets “middle class” Montrealers. She wasn't immediately able to define what she means by “middle class.”
Rising land prices represent the main obstacle to the creation of affordable housing, Plante stressed.
“We want to be part of the solution,” she said before taking a swipe at her main rival. “We will not do like (Denis Coderre) did, just to let the market regulate itself.”
Coderre called Plante's affordable housing plan “extravagant” and yet another promise she won't be able to fulfil.
Potential sites — now owned by the city — for new housing projects include the former Blue Bonnets racetrack, the Louvain St. E. sector, Lachine East, as well as Lasalle, Mercier, St-léonard, Tétreaultville and areas located near the métro's Blue Line, Plante said. Montreal has already exercised a right of first refusal on about 250 properties, she said.
Organizations such as labour-sponsored funds and foundations will be tasked with building the affordable housing units, Projet Montréal said. They will reimburse the city for the longterm use of the land through the payment of an annuity.
A “sit back and watch” strategy on social housing “hasn't worked,” Plante said. Montreal has managed to build 12,000 affordable and social housing units since the last election, according to Plante.
“What we can do is to adopt bylaws, buy land and put in place programs to facilitate the acquisition of housing by families.”