Following through on their campaign platform, the Carleton University Students’ Association (CUSA) executives are preparing to purchase real estate. The investment policy was expanded May 13 to allow real estate purchases, and the vice-president (finance) has said they hope to present the council with a property to vote on in September 2013.
The property, which the association is looking for in Old Ottawa South, would serve two purposes. It would provide housing to students, likely at a subsidized rent, and it would be a long-term investment for CUSA.
Carefully considered, a property investment is a good idea. CUSA has around $200,000 set aside, according to president Alexander Golovko—why let it sit around?
Real estate is a relatively safe place to invest, and Old Ottawa South, stretching east of campus between the Rideau river and canal, has a housing market positioned for growth.
In Carleton’s campus master plan, large expansions are planned for the university’s residence community—a community which, moving off-campus, will need places to live. Buying property in an established community neighbouring a university with ambitious growth plans seems like not such a bad idea.
What CUSA may want to reconsider, however, is how it will use the property.
Giving subsidized housing to students with financial need would be a great cause. But with hundreds of thousands of dollars going into the project, CUSA should consider an investment with the potential to benefit more than a handful of students.
Ollie’s has $13 pitchers, Rooster’s pitas are four bucks. Haven Books has a line down the street at the start of every term.
CUSA invests in these businesses, they are profitable, and they benefit many students. With so much student money involved, CUSA’s next real estate moves should keep these ideals in mind.
