Doug Ford, like his brother Rob before him, is busy promoting a $9-billion, 32-kilometre subway plan that, according to him, would come at no extra cost to taxpayers—even though experts agree that the scheme is, for a huge number of reasons, completely unrealistic. Late last month, Doug offered the public a glimpse into how he hopes to finance the ambitious transit platform. Among other revenue measures, he intends to earmark $540 million of expected revenue from Build Toronto, the organization that sells city-owned real estate, for the sole purpose of building subways. “We want to take the underutilized property in Toronto, sell it at a premium, and make sure that it goes directly to subways,” said Ford, “not the general coffers, where the councillors can get their hands on it and spend it.”
WOULD IT WORK?
Though we wouldn’t put it past him to be, er, “disingenuous” with his numbers, it’s probably fair to assume that, as vice-chair of Build Toronto, Ford is in a position to communicate how much revenue the agency can expect to pull in from its current collection of properties. The first question, then, is whether Build can sell its land and generate $540 million within Ford’s promised timeline: five years.
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