Little land is available however using the space above the tracks is a smart move. I have a suggestion as to the city's housing problem and Ryerson's move to close shelters and other housing for the homeless and working poor. Forcibly relocating these people to Hamilton is not the answer.
Simple solution. Using the land above the tracks for low rise development with laneways for commercial / emergency vehicles, no cars, everywhere pedestrian or bike friendly. 3 story walk ups. Retail with units above. Green space for parks as well as eco friendly with rooftop gardens. Heated walkways, such as they have started in Sweden.
Liberty village gets rid of an eyesore increasing value, the poor get decent housing, you get the credit perhaps leading to Ottawa. Structured right a few investors would see the potential.
Land given at no cost, as it needs to be built, real estate tax abatement given for 25 years ( afterall its pretty much air rights ) to give a return.
Toronto would be a model city that others would follow.