If not at the beginning, then certainly eventually.
The problem on the NHL side is that it would love a second Toronto franchise to be an expansion team in order to collect a big expansion fee, but with so many U.S teams at risk (Phoenix, Atlanta, Florida, N.Y. Islanders, Dallas, etc.), there likely aren't enough places for them to go if more than two (or maybe three) have to move. In a worst-case scenario, that could mean contraction, and the league would look foolish contracting and expanding at the same time. Even if things don't get that bad, I'm not sure anyone would be willing to pay an expansion fee, pay for a new arena, pay the Leafs a territorial fee (we're well past a billion dollars so far), and then also be on the hook if another team has to be propped up, or contracted. It could turn out that ticket prices for a second Toronto team would be higher than the Leafs.