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City councils

Toronto Mayor Secures Council Support for Affordable Housing Plan

Strategic Insights

— 1 min read

Toronto Mayor Olivia Chow has secured strong council support for her ambitious affordable housing plan, which aims to build 65,000 units of low-cost housing by 2030. The plan marks a significant shift in the city's approach to addressing housing affordability, with the city taking the lead on development projects for the first time in decades. The proposal has been met with skepticism from some councillors, who have raised concerns about how the city will fund its portion of the multibillion-dollar effort. Despite these concerns, the council voted 24-1 in favour of the plan, with Mayor Chow and her supporters arguing that the status quo for building affordable housing has not been working.

Key Takeaways:

  • The city of Toronto aims to build 65,000 affordable rental units by 2030, requiring tens of billions of dollars in investment.
  • Under the plan, the city would lead the development process for such projects, marking a shift from the private sector leading the way.
  • The plan has been met with skepticism from some councillors, who have raised concerns about how the city will fund its portion of the effort.
  • Ottawa and the provincial government would need to provide low-cost loans, as well as between $500-million and $800-million each, in each of the seven years.
  • Toronto would need to provide the same amount of money as each of the higher levels of government, but has not secured any funding commitments.
  • The proposal has been backed by Mayor Olivia Chow, who argued that the city needs to take a more active role in addressing housing affordability.

Statistics:

  • 65,000: The number of affordable rental units Toronto aims to build by 2030.
  • Tens of billions of dollars: The estimated cost of building the 65,000 units of affordable housing.
  • 24-1: The vote count in council, with Mayor Chow's proposition passing despite concerns from some councillors.
  • $500-million to $800-million: The amount of money Ottawa and the provincial government would need to provide each year for seven years.
  • $1.5-billion: The shortfall Toronto is facing as it prepares its 2024 operating budget.

Sources:

  • Globe Unlimited subscribers can view the full article on globeandmail.com.
  • The story was reported on [date] by [author].

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