According the the Parkdale Neighbourhood Land Trust (PNLT), “over the past decade, Parkdale has lost more than 28 rooming houses and small buildings to gentrification and renoviction, displacing nearly 350 renters.” Community land ownership is one way to preserve affordable housing and enable residents to make decisions about their neighbourhoods. The PNLT, VanCity Community Investment Bank , and local foundations including Atkinson, collaborated to form the Preserve and Protect Guarantee Program to fund this work.
In April, through this program the PNLT bought a 36-unit building, increasing community ownership in the area to 51 units. Learn more about the program and the purchase here.
You can also read more about the buy in the Toronto Star, and how other neighbourhoods are taking notice.