The City of Toronto Housing Plan Under Mayor Olivia Chow

Government Policy
Written By Marco Chiappetta

Olivia Chow’s Plan for Toronto Real Estate

Following a landmark by-election held on June 26th, Olivia Chow emerged as the newly elected mayor of Toronto. During this pivotal time for our city, let's delve into her strategic plan to transform Toronto's housing landscape.

The following information is courtesy of Mayor Olivia Chow’s official website oliviachow.ca and her official platform.

Olivia Chow’s main housing platform for the city of Toronto is focused on building more affordable housing, with the city as the developer, along with helping better-protect renters from eviction.

Here are more pledges she made in regards to housing:

  • Create the Secure Affordable Homes Fund with a $100 million annual investment to stop renovictions by helping purchase, repair and transfer affordable rental apartment buildings to not-for-profit, community, and Indigenous housing providers.(i.e. land trusts.)

  • Build 25,000 rent-controlled homes on city-owned land. There will be a minimum of 7,500 affordable units, including at least 2,500 rent-geared-to-income units.

  • Double the reach of Toronto’s Rent Bank and nearly triple the reach of the Eviction Prevention in the Community program for those with complex needs.

  • Invest in strengthening RentSafeTO to make sure tenants live with dignity and scale up the Tenant Support Program to help tenants organize to fight evictions and above guideline rent increases.

  • Establish the Toronto Renters Action Committee that will work on anti-renoviction bylaws, advocating for real rent control, reviewing existing policies and programs related to renters, and holding the City accountable to renters.

  • Raise the Municipal Land Transfer Tax on luxury homes, with new graduated rates on purchases of homes valued at over $3 million.

  • Increase property taxes in the City of Toronto

  • The City of Toronto Vacant Home Tax will be increased from 1% to 3%. She also plans to assist in the confusion with the 2023 rollout of the Vacant Home Tax by implementing a strategy to help educate seniors and citizens who speak English as a second language.

If you would like to learn more about the Mayor Olivia Chow’s policies and her vision for Toronto’s future please visit Oliviachow.ca

Marco Chiappetta https://www.ResidencesToronto.com
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