Toronto Working on Plan for 25K More Homes
Toronto city staff have released a report aimed at transforming the city’s housing system and improving housing outcomes for low- and middle-income earners.
Council asked for a plan to approve 25,000 new rent-controlled homes in addition to what was already planned, increasing the City’s total housing target to 65,000 new rent-controlled homes by 2030, including a minimum of 41-thousand affordable rentals and more than 17-thousand rent-controlled market homes.
Mayor Olivia Chow calls it a ‘’generational shift’’ in both how the city delivers housing and the type of housing that will be built. N
She says they will be setting new priorities to build rent-geared-to-income and not-for-profit housing.
The report includes dozens of recommendations or actions, including dedicating more city-owned land to create new affordable homes.
It also recommends that moving forward, all new affordable homes meet the City’s income-based definition of affordable housing.
But, Chow says it can’t do it alone, calling on the federal and provincial governments to do their parts..
In a release, the City says of the overall 65,000 new rent-controlled homes target, funding has already been secured to deliver on 4,455 homes. The estimated cost on the remainder is between $28.6 billion and $31.5 billion across the next seven years, and requires contributions from all orders of government.