Toronto City Council has approved the TorontoTO 2020-2030 Action Plan which will shape multiple housing issues over the next decade.
The 10-year plan includes tackling homelessness, social housing, affordable rentals, and long-term care, and will cost around $23.4 billion with investments from all three levels of government.
"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,” said Mayor John Tory. “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.”
The City’s commitment to the plan is $8.5 billion but it will require funding from the federal and provincial governments including enhancement of the National Housing Strategy and increased income supports and supportive housing options.
“This has to be a priority – we have to come together to support households who are struggling to pay the rent and keep, or put, a roof over their heads. I look forward to building on this strong foundation of working together," added the mayor.
City Building Fund
The Council also approved an extension of its City Building Fund to invest an additional $6.6 billion in improving Toronto’s transit system and building more affordable housing across the city.
The extension will increase the City Building levy by an additional 1% cent in 2020 and 2021 (bringing the total levy to 1.5% in those years) and extend the existing levy by 1.5% annually from 2022-2025, costing the average Toronto household approximately $45 per year.
The increases will be phased in year over year, totalling a household tax increase of approximately $280 over six years.
“This is the best way forward – given the current political climate and the true lack of revenue tools realistically available - to help us raise $6.6 billion for transit and affordable housing. These are investments we need to make to protect and continue our city's success," explained Mayor Tory.
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