2024.EX18.2

Background

“Toronto is facing two housing crises – one where there is a lack of deeply affordable and supportive homes for low-income, marginalized, and vulnerable residents, as well as those experiencing homelessness; and a more recent one in which rising rents have made it increasingly unaffordable for middle income earners, key workers and professionals to live in the city…An adequate supply of purpose-built rental homes is central to a well-functioning housing system that can meet the housing needs of current and future residents.”

Source: City of Toronto

Item Description

This item “endorses the development of new purpose-build Rental Homes Incentives stream under the City’s Rental Supply Housing Program to support 20,000 rental homes, including up to 16,000 purpose-built rental homes and at minimum 4,000 affordable rental homes.” This would be achieved by “supporting in the short-term up to 5,600 purpose-built rental homes through a deferral of development charges payable and 15% property tax reduction for 35 years, estimated at $325.0 million” and requesting provincial support. Other changes to increase funding and supports to expand affordable and purpose-build rental homes are made.

Source: City of Toronto

Proposed by

Executive Committee