Seven newly-elected Toronto city councillors are calling for further investment in social services that address the root causes of crime following the approval of Mayor John Tory’s proposed $48.3 million increase to the Toronto police budget.
In a joint statement released Monday afternoon, the seven councillors voiced their support for the expansion of services such as community-led crisis response programs, but stopped short of opposing the police budget increase, which was unanimously passed on the same day by the Toronto Police Services Board.
That budget increase is expected to pay for the hiring of an additional 200 police officers.
“Everyone in our city deserves to feel safe. A collaborative partnership between the City of Toronto, the Toronto Police Services, and residents is an important part of this,” the statement read.
“However, for too long, governments have prioritized enforcement over addressing the root causes of crime and violence: poverty, discrimination, lack of opportunities, underinvestment, and inequality.”
The seven councillors who signed the statement are Amber Morley, Ward 3 Etobicoke-Lakeshore, Alejandra Bravo, Ward 9 Davenport, Ausma Malik, Ward 10 Spadina-Fork York, Dianne Saxe, Ward 11 University-Rosedale, Chris Moise, Ward 13 Toronto Centre, Lily Cheng, Ward 18 Willowdale and Jamaal Myers, Ward 23 Scarborough North.
Cheng is a member of the Toronto Police Services Board and voted in favour of the budget increase on Monday.
Although the seven councillors didn’t concretely voice opposition to the budget increase, they did say that “decades of research and evidence has shown that increasing police spending without simultaneous investments in social and community infrastructure does not make our communities safer.”
“For more than 40 years, solutions and recommendations have been presented, offering tangible actions and social investments necessary to truly create a safe city,” the statement read.
“These solutions have been proven in other jurisdictions, and many additional programs have shown promise right here in Toronto.”
One of those solutions, says Malik, is the Toronto Community Crisis Service (TCCS), which provides an “alternate approach to responding to someone in crisis that focuses on health, prevention and well-being,” eliminating the need for traditional police enforcement.
Malik says the program, which is in its pilot stage in four areas of the city, has been successful so far and should be expanded.
“One of the big initiatives that we have invested in in Toronto is the TCCS, and it has been successful in its pilot areas in taking a community-based approach to responding to mental health crises without involving police,” Malik told CP24.com
“And one of the big commitments that I’m looking forward to and that I’ve been advocating for is to be able to expand a program like that to every neighbourhood in Toronto to be able to create a safer city.”
Malik said without parallel investments to these types of services, the increased police budget as it stands is “not necessarily what’s going to make people safer.”
Morley told CP24 on Monday that “Torontonians understand that there are direct connections between the resources we have access to and our ability to be well, and so we want to ensure that as many Torontonians as possible have accesses to the resources and support that they require.”
Morley also stressed the need to invest in a multifaceted approach to improving community safety.
“We on council, in addition to supporting our police services, understand that we can’t police our way to committee safety,” Morley said.
“We’ve talked in the past and the mayor has highlighted a need for a three-legged-stool so to speak, which is a multifaceted approach, including ensuring that our critical social services and things like housing options for example, out of the cold programs, warming centers, that they are a critical part of how we’re responding to need and responding to community safety and community health.”
Along with the additional 200 officers added to the force, Tory’s police budget increase will include an additional $2 million for youth and families, allocated to anti-violence programming to address the roots of violence and build on existing programming to support youth supports including employment.
Toronto police Chief Myron Demkiw said the nearly $50 million increase was also necessary to improve response times.
A June 2022 report by the city’s auditor general, Beverly Romeo-Beehler, found that response times to all calls were increasing and service levels were not keeping up with demand.
Malik says that investing in alternative social programs will help to improve police response times, as it frees up officers to respond to incidents of crime and violence rather than mental health and crisis calls that can be dealt with by trained support workers.
“If we’re able to fund and see that evidence and make those investments, there’s so much more that we can do in terms of being able to address the concerns that are being raised in our communities, and to make sure that police are doing the work that only they can do,” she said.
The statement signed by the seven councillors goes on to say that investment in things like “affordable housing, mental health services and good jobs” will also help to create safer communities within the city, and that these types of investments need to be made as soon as possible.
“Now is the time for real investments that make our city more affordable, accessible, and safer for everyone,” the statement read.
“Toronto can’t wait any longer.”
-With files from CTV News Toronto’s Phil Tsekouras
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
