Wednesday, September 08, 2010

Olympic Disaster in Vancouver, Taxpayers on Hook for $1 Billion "Ghost Town"

It boggles the mind to think that anyone can possibly think of Olympics as doing anything more than throwing taxpayer money straight down the toilet. Of course vendors and real estate agents do not give a damn about the long-term consequences as long as a quick buck can be made.

Now it's payback time as Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold http://www.theprovince.com/business/Van ... story.html

Sixty-six per cent of Vancouver’s pricey Olympic Village condos remain unsold — a total of 483 units at the massive False Creek development that served as athletes’ housing during the two-week 2010 Games.

Vancouver Mayor Gregor Robertson, whose city remains on the hook for more than $1.03 billion of the cost of the project, predicts it will take a “full two-year termâ€