If you worry about the shortage of reasonably priced housing in Canadian cities – and who doesn’t – have no fear. Toronto city council has an answer: Just make developers build more of it.
Council embraced the idea with gusto this week, voting 23-2 to give itself the power to impose “inclusionary zoning” on large tracts of the city. Starting in September of next year, Toronto would force developers who put up buildings near big public transit stations to make 5 per cent to 10 per cent of the units affordable. By 2030, the figure would rise to between 8 per cent and 22 per cent.
That hardly seems fair, especially when even fairly prosperous people have a tough time getting a foot on the housing ladder. It is not just the penthouse dwellers who will pay the freight, but the young couple buying their first condo or the office worker looking for a retirement perch. This could have gone a different way. Development groups had asked the city to give them incentives, rather than commands, to build more affordable housing. Many North American cities have taken that approach. Some offer to waive density limits so developers can build higher towers and more units. Others lower hurdles on building approvals or give builders a break on development charges. Toronto rejected those ideas and went with straight regulation.That is happening more and more these days.
What horse shit -Toronto should give more incentives to developers by reducing barriers like hight restrictions ?! Has the author ✍🏻 been living under a rock- we have more cranes than any city on the planet🏗 musicians & writer pals in my hood have been renovicted🤑👎
How about the right route? Supply will explode and your demand will plummet.
It’s almost like journalists have never taken a basic economics class.
Terrible article - a greatest hits compilation of all the ideas cherished by those who think the market would provide affordable housing if only government regulation was pared back
City staff directly refuted the main argument in this article.
They’re right, tho. This doesn’t keep prices down - it causes the other units to be nore expensive to subsidize the “affordable” ones. The problem is there’s more demand than supply and any effort to force some if that supply to be cheaper forces the rest to be more expensive.
globetoronto Letting TorontoCouncil continue be the cause of the HousingCrisisTO, by letting Developers choose to only offer units at the Proposed Maximum AffordableHousing Rent level, thereby excluding those who can only afford the Minimum, because their Income is Served by ONgov.?💁🏻♀️🤦🏻♀️🙄
'lifting of rent controls', Lift what controls? No controls on anything built after 2018.
Oh look! Another property developer writing a totally unbiased 'OP-ED' about how forcing him to build affordable housing isn't 'fair' 😑
imagine having a degree in history and literally never even mentioning how well or poorly the policies you talk about did in the past.
The only approach is to severely curtail our current economic immigration policy and our international foreign student program. You can't talk about our dire housing and rent crisis without talking about the 1 reason for our dire housing and rent crisis. Supply is secondary.
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Source: VancouverSun - 🏆 49. / 61 Read more »
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