Toronto just unveiled a $23 billion plan to create affordable housing
There was some good news from the Mayor's office today that takes aim at the issues the city faces when it comes to a severe shortage of affordable housing.
The city of Toronto released the proposed HousingTO 2020-2030 Action Plan, which aims to assist more than 341,000 Toronto households over the next decade.
The HousingTO 2020-2030 Action Plan provides 13 strategic actions addressing the full continuum of housing from homelessness, social housing, rental housing, long-term care, and home ownership
This morning we launched our #HousingTO 2020-2030 Action Plan, which will impact the lives of many people in our city and address the ongoing challenge our growing city faces when it comes to housing and more importantly access to affordable housing. pic.twitter.com/pq8m1kNwnA— John Tory (@JohnTory) December 3, 2019
The plan calls for new housing investments for the federal and provincial governments in particular to support households who are struggling to pay the rent and stay housed, and to assist in the development and operation of new supportive and affordable rental housing.
The Action Plan contains 76 separate actions to address the needs of people in Toronto when it comes to housing.
Key actions include adopting a revised Toronto Housing Charter, enhancing measures to prevent evictions and people becoming homeless, and preserving rental home that currently exist.
The #HousingTO 2020-2030 Action Plan, will help more than 341,000 Toronto households over the next 10 years, with an ambitious and achievable target of approving 40,000 new affordable rental homes. pic.twitter.com/hQLKJNc0jQ— John Tory (@JohnTory) December 3, 2019
The plan also calls for enhanced partnerships and collaboration with residents, the housing sector, community groups and people with lived experience to jointly deliver solutions.
Implementation of the full plan over 10 years is estimated to cost governments $23.4 billion with the City's commitment through current and future investments being $8.5 billion.
The city of Toronto has already committed to about $5.5 billion in operating, capital investments, and other financial tools.
The report is expected to be considered by City Council at its meeting scheduled for December 17 and 18.
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