Toronto city staff have an ambitious new plan to build 20,000 rental homes but the initiative hinges on significant financial support from other levels of government.
Mayor Olivia Chow’s executive committee is set to consider the plan at a meeting this week, though it would still need to go to city council as a whole at a later date.
If approved, the plan would create a new incentive program to help spur on the construction of purpose-built rentals.
Staff say that as part of a tiered “quick start” approach the city would immediately release a “rapid call for applications” to build approximately 7,000 new rental homes, including 1,400 affordable units.
The city would then agree to defer development charges for the rental homes indefinitely at a cost of approximately $210 million. The city would also waive property taxes for the affordable units for a period of 40 years at an additional cost of approximately $136 million.
The second phase of the plan aims …