In a Reddit Ask Me Anything (AMA) session Tuesday evening, London Mayor Josh Morgan tackled a number of subjects including housing, public transit, and perhaps most notably, the impact of vacant buildings, predominantly owned by Farhi Holding Corporation (FHC), on the city.
A user on the r/londonontario subreddit asked the mayor how he intended to stop companies like Farhi from “hoarding vacant buildings to inflate the cost of real estate”.
In response to the question, Mayor Morgan acknowledged the issue and stated that, historically, many Mayors and Councils had observed these developments passively, but he has chosen a more engaged stance.
“I’ve taken a more active approach”, Morgan wrote, “meeting with representatives from Farhi Holding Corporation several times to talk about why the already Council-approved projects are not moving forward. My first approach is always a collaborative one and I’m confident we will see FHC move on some of their approved projects. ”
Furthermore, Mayor Morgan highlighted specific initiatives to revitalize the city’s core and encourage property development.
“Our plans to review the incentives for the Downtown CIP DC Waviers, look at options to use Housing Accelerator Funds to incentivise Office to Residential Conversions, and encourage high density residential development in the downtown core are all positive programs I hope FHC will take advantage of”.
He also stated that he intends to introduce additional measures in early 2024 to accelerate development in the core.
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