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March 4th, 2011

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09:53 pm - Shakeup in the Toronto Housing/Rental world
Once upon a time there was few people that chaired a corporation to help the poor and unfortunate secure a good tent on the top of their head. But then they decided to spend lavishly on dinners, parties and chocolate, yes chocolate!!! And the world came down on them!
Usually I have no opinion on CEOs and board directors spending like crazy, after all, this is the basis of how our economy is based, its the basis for capitalism. However, I am totally against big spenders in two categories; charities and public sector. The goal of charity or non-for profit is to help the unfortunate, otherwise what's the point? these days however charities spend the majority of their spending on administrative things and the needy gets only a small piece of the pie! why? Whats the point you ask? it is not for the noble reason they want to lead everyone to believe, but for a selfish self serving purpose. How about this, if you want a charity work there for free? I did that for years and years and was happy doing it. And if you can't do that work at minimum wage!

Then comes the public sector, the idea of working for the public sector is basically not far from socialism, the exact opposite of capitalism, so if you want to work there and get your fat pension, go ahead, just remember you don't work in the private sector and won't get paid like them. But these days public sector workers believe they are entitled to the same compensation as if they worked for the public sector, forgetting that it is the average tax payer that pays this fat cheque they are after. And when the clamping down begins they start to spend like crazy.

Fast forward to the recent events, the Toronto housing community which is technically both a non-for profit and a public sector got involved in a frenzy of spending, wasting the tax payers money and not getting that money to those who need it! The Toronto housing community basically runs apartments and house complexes for rent to those with low income.
The stupidity here is at a time when Toronto just got a new Mayor, who has been known as a tax cut champion, and is also trying to make a point, smart public sector workers lay low at this time and avoid being noticed, but the Toronto Housing Community people obviously don't have the brains to do what is a good career saving move.

Anyway the rest is history, the public got outraged, the mayor asked them to resign they refused, then they had to resign, now even the CEO is refusing to resign.... honestly, why would people do that? in fact I now not only demand they resign but refund my tax payers money wasted on such idiots that think we live in a dictatorship!

What is amusing is the new talks about privatizing the housing community or part of their apartment complexes/assets. The mayor has spoken many times about privatizing the cities assets to pay down debts, and what a better timing than now that this scandal shows up, a corporation run by the city that the majority does not care about, and wastes money like there is no tomorrow! Many property managers and apartment community owners are now eying this opportunity to buy up these assets, if history tells anything, usually when government assets are sold, they are sold at a fraction of what their value should be.... just look at the skydome or 407 as recent examples.

Look for a major shakup soon, I don't think this is the end of the story here.

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