GEO 793- Geography of Toronto - Final Exam with 100% Correct Answers
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Course
Toronto
Institution
Toronto
GEO 793- Geography of Toronto - Final
Exam with 100% Correct Answers
Gentrification: - answerA process of converting an urban neighborhood from a
predominantly low-income renter-occupied area to a predominantly middle-class/higher owner-
occupied area.
Pros of Gentrification: - answer1) A more...
GEO 793 - Geography of Toronto - Final Exam with 100% Correct Answers Gentrification: - answer✔✔A process of converting an urban neighborhood from a predominantly low -income renter -occupied area to a predominantly middle -class/higher owner -
occupi ed area. Pros of Gentrification: - answer✔✔1) A more esthetically appealing neighborhood 2) Increased public safety 3) Increasing land values 4) Decreased crime rates 5) Decreasing urban sprawl 6) Increasing options for food, retail outlets, and job Cons of Gentrification: - answer✔✔1) Decrease in affordable housing 2) Decrease in affordable retail spaces 3) Increased policing of communities of color 4) Changes in the culture of the neighborhood 5) Removal of low -income residents 6) Increasing tensions within the local community Financialization: - answer✔✔the process by which financial institutions, markets, etc., increase in size and influence. Financialization of housing market: - answer✔✔- Housing as a financial asset vs housin g as shelter - Multi -family rental housing is increasingly been treated as a financial asse - Housing is treated as a commodity —a vehicle for wealth and investment —rather than a social good. Toronto as the ideal case study: - answer✔✔- It's a cycle + Hig hly gentrified - Buying property & renovating it and sell it for a higher price + Located at the center of Canada's largest CMA + Large rental sector - 46% of households are renters - CMA includes areas surrounding the city (Richmond Hill, Ajax, etc) + Canada's financial centre From social housing to vacancy decontrol: - answer✔✔1950s -1970s + Apartment construction was massive in the city 1980s -1990s + rental housing construction declined in favour of condominium development 1990s + The decline of soc ial housing construction in the 1990s + In early 1990's * Federal gov't says they don't have $$$ to help fund public housing + In mid 1990's * Provincial gov't wouldn't support/fund public housing 1997 + The 1997 Tenant Protection Act and vacancy decontrol The 1997 Tenant Protection Act: - answer✔✔a law passed that if you were already renting from somebody, you can't double or triple the rent - If instead the place is vacant & you're deciding to rent it out right now, then you can set it to whatever you want Financialization of rental housing in Toronto: - answer✔✔- Financialization of rental housing started as a way to capitalize on: • Deregulation • Downloading • Lack of affordable housing - Private real estate companies' transformation into Real Estate Investment Trusts (REITs) Downloading: - answer✔✔process of passing on responsibility to someone else - Ex. Federal gov't not supporting public housing and passing that responsibility to provincial housing Deregulation: - answer✔✔process of having less rules/materials to make the building Real Estate Investment Trusts (REITs): - answer✔✔companies with shareholders with the only goal of making profit - companies that own or finance income -producing rea l estate across a range of property sectors Strategies of financialized landlords: - answer✔✔Financialized landlords have developed strategies to maximize profits for investors - Treating homes as financial assets - Cutting costs + don't pay for services clean common areas/repair as often (don't pay for services) - Increasing revenues + increasing rent (2.5% per year/ rent control), introduce new fees ($ to rent common room, garbage disposal) - Gentrifying -by-upgrading + The landlord wants to improve appearance of building by increasing the rent + in Ontario, rent's increase at a cap of 2.5% Geography of post -crisis intensification and expansion: - answer✔✔Following the 2008 -2009 recession, the financialization of renta l housing intensified - New and aggressive financialized landlords entered the Toronto market and have adopted 2 major locational strategies 1) • Suburbs: squeezing profits from existing tenants + offer less services offered (ex. cleaning elevator 2 we eks instead of 1 week) 2) Inner city: gentrifying -by-upgrade (thus displacing existing tenants) Repositioning spatial inequality: - answer✔✔- Investing in multi -family housing has been quite profitable for financialized landlords + The price has been p aid by tenants in terms of * Higher rents and fees * Reduced quality of life - The city has witnessed * Increased neighborhood income segregation * Restructuring of the inner city
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