Toronto Is Officially Building 40,000 New Affordable Homes In A Huge New Project
The plan is meant to help curb the city's homeless problem.
Living in Toronto is about to become a lot more affordable. The City Council approved a new Toronto housing plan this Wednesday that commits the city to over a decade of building affordable , preventing evictions, ensuring seniors can remain in their home, and that acknowledges housing as a fundamental human right.
The housing plan will eventually lead to the construction of 40,000 new affordable rental homes, including 18,000 new supportive homes for the homeless or for those at risk of being homeless. Also, 25% will be dedicated to building female-led households for women in need of shelter.
"We know it is critical for the future of our rapidly growing city that people from all income levels have a place to call home. The HousingTO 2020-2030 Action Plan provides a critically important path forward – it will ensure the City is taking action to get more affordable housing built and leading the charge to make sure all governments are focused on housing as a right for people,” Mayor John Tory said in a statement.
The City Council approved the plan by 24 to 1. According to Tory, the project is predicted to help more than 341,000.
"The HousingTO 2020-2030 Action Plan is a people-centred plan that identifies real actions to effectively address the very real challenges we are facing," added Deputy Mayor Ana Bailão, Chair of the Planning and Housing Committee.
She also said that the plan "recognises that Toronto is place where families and individuals deserve to live in safe, well-maintained and affordable housing – and demonstrates that providing this will create opportunities to succeed. Housing everyone is good for everyone and the HousingTO Plan will bring positive change and real outcomes for Toronto residents.”
The implementation of the long-term plan is estimated to cost a whopping $23.4 billion and has spurned calls for new investments from all three orders of government.
The city says it plans to fund $8.5 billion through its current and future investments, with $5.5 billion already locked down thanks to ongoing capital investments and other financial tools.
This project is expected to be ongoing from 2020 to 2030.