New Toronto initiative aims to spark construction of 20,000 rental homes

City of Toronto staff have proposed the Purpose-built Rental Homes Incentive to support the development of 20,000 new rental homes. This initiative includes significant breaks on development charges and property taxes for projects that incorporate at least 20% affordable units. The city aims to kick-start the program by approving 7,000 new rental homes immediately. Mayor Olivia Chow emphasized the need for collaboration with provincial and federal governments to address the housing crisis and secure funding for additional developments.