Toronto has a plan to incentivize the construction of 20,000 new rental homes

Toronto city staff propose a plan to build 20,000 rental homes, contingent on financial support from other government levels. The initiative includes a new incentive program to construct 7,000 rental homes, with 1,400 affordable units, by deferring development charges and waiving property taxes for 40 years. A second phase aims for an additional 13,000 homes, requiring $1 billion from the province. The city also seeks $7.3 billion from the federal government for low-cost financing. The report highlights a long-standing rental housing crisis exacerbated by insufficient government investment.