Plan would see the city offer monetary incentives to private developers
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.
“We need to build more rental homes now,” Chow said.
“We can’t afford to have the housing pipeline dry up because of the difficult market conditions. We need to see these rental homes built, and we will work with the industry to make it happen.”
Toronto city council passes plan to entice developers to build rental homes, CBC, November 13, 2024