Toronto is unveiling an ambitious strategy to tackle its pressing housing crisis by aiming to construct 65,000 new affordable housing units. However, this plan hinges heavily on securing billions of dollars in funding from both provincial and federal governments.
Toronto’s new plan to build 65,000 affordable housing units hinges on billions in provincial, and federal funding
A report released by the city outlines the dire financial situation Toronto faces, citing decades of inadequate investment in housing. The proposed plan emphasizes the urgent need for an expanded range of actions to address the growing housing and homelessness crisis.
With only a fraction of the funding secured for the target of 65,000 new rent-controlled homes, the city faces a daunting task. The estimated cost to deliver the remaining units ranges between $28.6 billion and $31.5 billion, underscoring the substantial financial commitment required.
Toronto is calling for between $3.7 billion and $5.3 billion in funding from higher levels of government, along with an additional $13 to $14 billion through loans. These investments, though significant, are deemed essential to restore affordability and alleviate housing pressures.
The city’s proposal includes recommendations such as extending rent control and taking a more proactive role in property development. Mayor Olivia Chow emphasizes the need for collaboration with federal and provincial counterparts to address the housing crisis effectively.
While Toronto pushes forward with its ambitious plan, it underscores the importance of sustained funding and long-term partnerships to ensure the success of this crucial initiative.
Toronto’s plan for affordable housing represents a bold step toward addressing one of the city’s most pressing challenges. However, its success hinges on securing substantial financial support from provincial and federal governments, highlighting the need for collaborative efforts to create meaningful change in housing accessibility and affordability.