Sam Merulla says the agency should sell single-family homes in lucrative spots and build apartments elsewhere
By Samantha Craggs
Hamilton is in the midst of a real estate boom, which means a lot of social housing is on land worth drastically more than it was when CityHousing Hamilton (CHH) first bought it. And at least one city councillor says the agency should take advantage.
CHH has apartment buildings and single-family homes across the city, but never enough money to keep up with rising costs and demand.
Coun. Sam Merulla says the non-profit should sell some of those single-family homes and use the windfall to build more apartments. That way, CHH makes money and more families are served.
“You could house three or four families for the return on investment on a single-family home being sold,” said Merulla, who sits on the CHH board.
Image and article source: CBC Hamilton