For the Olympics, with what we're getting compared to what it costs, I don't know if its worth it.
Here, near the bottom, they have their cute little pie chart for how the $3,000,000,000 public investment would be used. What about the remaining $2.6B+? What does that go towards? I see a lot of the major stuff outlined in just the $3B. For $5.6B we should be getting more than just some renovations. That should be more than enough to fund a new arena in VP and an entertainment district around it, AND put on a successful Olympics.
They say $1.6B goes towards new housing and upgrading/building venues.
Here, on pg 8, they list 10 venues, of which two are new and 8 are planned to be upgraded.
Based off what improvements they say they'll make and if I was able to find news articles with specific numbers, Here's my 5-minute estimation for what those 10 venues should roughly cost:
New Community Arena: $200M. New Curling Centre: $25M. McMahon Upgrades: $50M. Oval Upgrades: $70M. BMO & Stampede Park: $30M. Winsport Track & Hill: $40M. Nakiska: $25M. Canmore Nordic: 20M. Whistler: $50M?
Together that adds up to $510M.
I read they want to build about 2800 housing units. Assuming that makes up the rest of the $1.6B, that's a cost of about $390,000 per housing unit, just to build it. I don't know the specifics of everything, but to me that sounds high, especially for "affordable housing."
Another news article said this housing should cost $600M to build, which is a bit more reasonable. But where does the remaining $490,000,000 go? That's basically enough in and of itself to build a pretty good new NHL arena. (T-Mobile Arena in Vegas, a beautiful building imo, was $375M).
If this $1.6B is truly only going towards venues and housing, and they're spending it responsibly, shouldn't it be budgeted for more like $1.1B? Even after considering inflation and even if some of my estimations are off, I don't see how that $500M just vanishes, and I definitely don't see how they spend $3B on all of this and then STILL need $2.6B on top of that. To do what? Turn a few billionaires into multibillionaires?
There's no megaprojects coming out of this. If they had some high speed rail line between Calgary and Edmonton, or a new arena, or an LRT connection to the airport, or some other massive infrastructure in the plans, then I'd understand the budget being this high. But there's none of that and yet it costs this much.
It doesn't add up.