It's not gifted to us. In Vancouver, they have what they call a property endowment fund, which holds the land, and then the co-op has a lease on the land, and those leases are typically 60 years. That's the case at Athletes Village. The city used to have a formula where it would charge 50% of market value for a 40-year lease and 75% of market value for a 60-year lease. Most recently, because they're so desperate for affordable housing, they've moved to individually pricing the leases. They're supposed to come out this week, they tell me, with a call for proposals for seven city sites where the land would be free; it would be a free lease.
On July 26th, 2012. See this statement in context.