Friends,
This week, the City released an extensive and ambitious housing report to tackle our growing housing crisis.
The report “Generational Transformation of Toronto’s Housing System to Urgently Build More Affordable Homes" responds to Toronto City Council’s direction to develop a plan to approve 25,000 new rent-controlled homes in addition to what was already planned, thereby increasing the City’s total housing target to 65,000 new rent-controlled homes including a minimum of 41,000 affordable rental, 6,500 RGI homes and 17,500 rent-controlled market homes by 2030.
The estimated cost to deliver the remaining 60,545 homes is between $28.6 billion and $31.5 billion across the next seven years and requires contributions from all orders of government. The report includes estimates of funding needed from each order of government to be between $500 million and $800 million per year, in addition to repayable financing.
The report details recommendations including dedicating more City-owned land to create new affordable homes; accelerating the delivery of “housing ready” projects on City and not-for-profit owned land; streamlining and optimizing people, processes and technology to expedite approvals and housing delivery; and supporting the not-for-profit and co-op housing sectors.
Since the launch of the HousingTO Plan, the City has committed approximately $8 billion in land, capital and operating funding and waived fees and charges. However, the growing housing and homelessness crises require a more robust range of actions across the housing continuum to adequately address the needs of current and future residents.
While the City is committed to taking every possible action within its jurisdictional and financial capacity to address the housing crisis, financial support from the federal and provincial governments is necessary.
I call on you to connect with your provincial and federal representatives to urge them to stand with us so that we may make a concerted effort to build more affordable housing.
Sincerely,
Gord
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