Controversy continues to swirl around the former Olympic Village after it was acknowledged that Millennium Development’s $200 million scheduled loan payment to the city on August 31 was $8 million short and remains $3 million short despite additional condo sales since the due date, councillor Suzanne Anton told Business in Vancouver.
“It’s only a minor default at the moment but it’s a big red flag because they’ve got to pay more by January,” Anton said. “I’m not sure what the answer is. It’s a legal issue that city council will have to hash out with staff.”
Vancouver mayor Gregor Robertson announced September 30 that the city has begun taking steps to independently fill the 252 units of affordable housing in the village – something Anton opposes.
She never agreed with the city’s commitment to have social housing at the village and she is as vociferous in her opposition to the concept today as she was months ago.
“If you want to get a good bang for your social housing buck, you don’t put low income people in $1 million units. You put them in units that cost $200,000 and you house five times as many people. It’s a poor deal for taxpayers and a poor deal for the people who need social housing.”