City makes moves on land for social housing
The city is establishing a right of first refusal on land for social housing in seven boroughs, but this list may change over time.
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Spi 14:51 on 2020-02-17 Permalink
I understand that it’s a relatively new policy, but we’ve seen examples in the past where the city was outbid for parcels of lands (like on beaumont). Until we actually see the city use the right of first refusal, it’s just an option that won’t be exercised because they don’t have the money. It’s a pointless exercise of political theatre. It also opens the door to some potentially corrupt practices, (fictitious buyer agrees to buy land coveted by the city at an inflated price, so the city is forced to match the inflated price)
Jonathan 22:47 on 2020-02-17 Permalink
I think this fictitious buyer is example is a little bogus. I mean, the first refusal mechanism is used after the purchase agreement is made. The risk of actually having to pay the price or the penalty is too high. What bank or finance institution would back up a fictitious buyer?
Either way, the tool can be used for negotiation. That’s what the city did with Molson. Rather than the city buy the site entirely, Molson agreed to cede part of the land in order for the city to back down. This is a great use of the tool and definitely one of its intended purposes.