Toronto has restricted development in the ravines and other low-lying areas since 1954, when a freak hurricane caused severe flooding that killed dozens of people and washed away homes and bridges.
Today, the ravines include restored and artificial wetlands that soak up rainfall and mitigate flood risk.
There's the most important part of the article, I think. It's a lot easier to get buy-in for urban green spaces when the land involved is "useless" (from a capitalist standpoint) for development.