Friday, March 18, 2011
Tuesday, March 8, 2011
Northdale resident speaks to council: March 7, 2011
Madam Mayor and Council members:
Thank you for the opportunity to submit some additional facts for your consideration.
As a permanent resident, I am concerned with the special impact upon the Northdale area.
It has been well covered that many land-lords will suffer significant losses with the 3 renter rule and that many houses have been bought with maximum mortgages and a default in payments can result in foreclosure and perhaps personal bankruptcy. Foreclosures will result in financial institutions black-listing the Northdale area for mortgage investment.
Most of the remaining permanent residents in Northdale are on fixed income and, when inflation is factored in, are on diminishing disposable income. They can’t afford to loss a significant (major) portion of their assets. It should be noted that devaluation of the property values of long time residents affects us to a much greater degree than that of the landlords. We have no claim for any capital losses and will bear the full impact of these changes.
We are not helped at-all by any grand-fathering clauses.
Our homes will be hard to sell at other than fire sale prices!
.
Who will buy these houses in the Northdale area?
· Not landlords for student homes!
· Not families for residential homes!
1. The ability to obtain a mortgage in the Northdale area from a financial institution would be nil.
2. The homes are no longer designed or suitable for families and it would be costly to modify them back from student accommodation to family style.
3. Young families could no longer rent a room or two during the first years to help them get started.
4. There are no junior schools, parks, stores, neighbours or other amenities for families.
5. The large number of temporary people passing through the area would not create a suitable environment for raising small children.
6. Heavy parking demand in the area is not compatible with raising small children.
7. Several thousand students will be displaced from the adjacent area that is only a short hike to WLU creating time and travel pressures on the students who will still pass through the area to and from school.
Please consider deferring
or excluding this by-law
action in the Northdale student residence area.
Please wait for the already approved land use study for Northdale, and only then, develop appropriate zoning for this special area that is so important to the life style of our VALUABLE student population. We are a University town. The City should openly welcome these students rather than putting severe restrictions and inconvenience on their accommodations. Education is our major industry. It should be nurtured not abused.
Once the by-law is passed the results can not be undone!
Tuesday, March 1, 2011
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