Toronto mayor John Tory announces new initiatives and plans to create and protect affordable housing in the city during a recent press conference.
Three reports will be considered as the city hopes to fully implement its developments within the next five years:
- Expansion of the Housing Now initiative.
- The Multi-Unit Residential Acquisition (MURA) Program
- A proposed new Inclusionary Zoning (IZ) policy.
These reports will help lead the city towards building afforable units and adding rent control in specific areas, according to Tory.
"As we work to make sure Toronto comes back stronger than ever in the wake of the pandemic, these are the types of policies and initiatives we need to move forward with so that our city continues to grow and prosper and be the vibrant and inclusive city that we all love," Tory said to the media."With approval at committee and City Council, these initiatives will ensure we continue to get more housing built. Along with continuing strong partnerships with the other governments and leading this city to a strong and enduring recovery, addressing the supply of affordable housing will top my priority list as mayor."
The main objectives of these initiatives and plans include controlling cost for both rented and purchased homes with the inclusionary zoning policy, and building new units with a threshold between $30,000 to about $90,000 for families.
Affordable housing, especially during the COVID-19 pandemic, has been a central issue that the city continues to address.
Phase one of the plan is expected to begin in 2022, pending city council’s approval in an upcoming vote on Oct. 28.
More details to follow.
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