Toronto city council passes plan to entice developers to build rental homes
Toronto city council has approved a plan to support the building of 20,000 new rental homes in the city.
The plan, approved Wednesday by a vote of 23 to 1, would see the city offer monetary incentives to private developers to build rental housing. The incentives include a deferral of development charges, a property tax reduction and foregone taxes and fees for affordable rental units.
Toronto Mayor Olivia Chow told reporters before the vote that rental housing is desperately needed in the city because of the housing crisis. She said 50 per cent of Toronto residents are renters. She said the city met with builders last week to discuss the plan.