A new report on Toronto Community Housing paints a grim picture of what will happen if the agency doesn’t make a $7.5-billion investment in repairs over the next 30 years.

Mayor John Tory (open John Tory's policard), interim CEO Greg Spearn and other officials held a news conference Monday to unveil the findings of the report.

The Canadian Centre for Economic Analysis conducted the third-party study for TCHC to examine the broader economic and social impact of its revitalization program and capital repair plan.

The study clearly “identifies how investing to repair and maintain aging buildings will result in substantial economic and social benefits for the city, province and country,” a news release said.

It also shows that failing to carry out this work would result in a loss of housing and significant social, economic, environmental and financial risks.

The city will need $5 billion to cover its current 10-year revitalization plan and a further $2.6 billion for additional urgently needed repairs — a burden the city hopes to share equally with the provincial and federal governments.

The report details potential consequences if senior governments close their wallets and only the city’s portion of that money flows:

Three-quarters of TCHC homes would be in poor or critical condition by 2023, and more than 7,500 homes would have to be closed because they were in such bad shape. Only 10 per cent of homes would be in “good to fair” condition.

A $4.2-billion boost to the GDP from federal and provincial contributions would be lost, robbing the economy of job creation totalling 62,700 employment years, or roughly 2,000 jobs a year over 30 years.

Lowest-income Torontonians would suffer poorer housing quality, leading to an estimated 312,000 instances of illness and 1.1 million additional uses of the health-care system, at an estimated extra cost to taxpayers of $1.55 billion over 30 years.

Energy costs per TCHC home would rise 11 per cent, which translates to $240 per home; greenhouse gas emissions would rise 10 per cent.

Surrounding neighbourhood market-rate rentals could drop because of proximity to decaying TCHC housing, representing an estimated drop in “community wealth” in Toronto neighbourhoods of $5.7 billion.