A healthy city needs socioeconomic diversity. Not that long ago Montreal was known for cheap CoL allowing people of all walks of life to thrive. Putting aside the artists, students, and general eccentrics that contribute to the vibrant life of the city, we have to consider where the hell are our minimum wage workers going to live. I seriously don't understand how places like Vancouver do it. Does every coffee shop, fast food, retail etc worker commute 3hrs each way? What about the teachers, nurses, garbage collectors? Or do they all get paid way more and everything just costs a lot more?
There's a compromise possible and despite being a major city without lots of undeveloped land, there is still plenty of space reasonably close to the city where high density affordable housing could be. Doesn't have to be prime real estate right downtown. There just needs to be social will and courage to stand by the conviction that this is something good for the city. The truth is that like someone else said, the fine is too low and developers just see it as the cost of doing business.