I'm suspecting they are using the subway extension as their rationale for the conversion (even though they may not be spelling it out as such).
I'm not against it on this particular site, but the thing is if you allow for conversion here than you open the pandora's box and that will just unleash more of this.
And with Doug Ford being unable to keep his nasty hands off of Toronto's affairs, that would allow for a tidal wave of these requests with provincial interfere.
So on that basis, this should be rejected to the fullest extent possible.