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Social housing at Olympic village soars to almost double original cost

February 17th, 2009 · 7 Comments

That’s the latest fun news from city hall, as per this report that just got put up on the city’s website.

The cost of the 250 housing units has soared from the original estimate of $65 million to $110 million. Now the city is facing the question of what to do — put in millions more to try to be able to rent out the units for something that very low-income people could afford, sell it, lease it out or what.

Expect the debate to be fierce between the NPA and Vision on this, with NPA types saying that it’s a good thing they cut down the amount of social housing in the project, given the overruns, and the Vision types saying there are cost overruns because the NPA masters were terrible overseers of the project.

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