- What Toronto City Council has approved a plan to incentivize developers to construct 20,000 rental units, the CBC reported
- Why The measure seeks to help alleviate the housing shortage in the city
- What next The city will support the development of 7,000 homes under the first phase of the plan
Toronto City Council has approved a plan to offer financial incentives to private developers to support the construction of 20,000 rental homes, the CBC reported.
The initiative was passed with a 23-1 vote. It includes deferring development charges and reducing property taxes for affordable rental units. The move is an attempt to help address the city’s housing shortage.
The plan’s first phase calls for the construction of 7,000 rental homes using city resources, according to the report. Of those, 5,600 will be designed for purpose-built rentals, and at least 1,400 will be affordable units. In the second phase, the city will seek funding from the provincial and federal governments to build 13,000 more homes.
Staff will update the council next month on which projects received funding.
