Vancouver Taxpayers On Hook for “Hundreds of Millions”

From The New York Times, February 23, 2011, a story headlined “In Vancouver, a new Effort to Sell Olympic Condos.”

A year after the winter games, fewer than half of the 737 condos have been sold — almost all as preconstruction sales in 2007 — and the city’s taxpayers now owe about 750 million Canadian dollars for a project that was never intended to be a public sector development.

A local developer has the last word in the article and says “Olympic Village is going to be a financial failure,” and predicts losses in the “hundreds of millions.”

No Games Chicago said as much from the beginning. As a new Mayor takes over here, we can all be thankful that a multi-billion dollar sinkhole is NOT on his agenda.