Opinion: We have the tools to build affordable housing in Toronto. Most mayoral candidates are within the city’s authority to implement.
Every mayoral candidate is talking about affordability. None, however, are naming the root cause, and if we don’t name it, we’ll never generate the “whole of community” response necessary to make an impact.
Several candidates would try to speed up the approvals process. Faster approval will simply make market housing available sooner. No matter how fast the approval, demand will outstrip supply and market values will continue trending upward. Unfortunately, none of the candidates are talking about strengthening regulatory tools, about creating an inclusionary zoning regime that will deliver the desired result. Toronto Green Building Standards are a global demonstration on how to lead on sustainability. We need to do the same on affordability.
We decry homeless encampments in public parks and wonder why our shelter system is stretched beyond capacity. This will generate approximately $150 million annually beyond the amount required to keep up with inflation. Half of that “new revenue” could enhance municipal services, with the other half invested in the creation of new affordable housing.
The waiver of development charges and property taxes would be conditional on achieving monthly lease rates no greater than 32 per cent of median household income.
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