What the Election of Mayor Chow Means for Housing
Olivia Chow's victory as the City of Toronto's next mayor was a close call, defying poll predictions. Now, as she takes charge, housing and transit policies will be at the forefront of her agenda.
Here are three key takeaways:
1. Chow's City Homes Plan:
Under Chow's housing policy, Toronto commits to building 25,000 rent-controlled homes, including 7,500 affordable units and 2,500 rent-geared-to-income units on city-owned land. The challenge lies in how this plan will align with the existing commitment of building 40,000 affordable rental homes by 2030.
2. More Help for Renters:
Renter support was a central focus of Chow's campaign. Her platform includes expanding Toronto's Rent Bank and Eviction Prevention programs, establishing a $100 million Secure Affordable Homes Fund to combat renovictions, and creating a Renters Action Committee to advocate for stronger rent control measures.
3. New Housing Taxes:
Chow plans to introduce two new housing taxes. She aims to increase the City Municipal Land Transfer Tax on homes selling for $3 million or more and raise the Vacant Homes Tax. The revenue from these taxes will be directed towards funding affordable housing initiatives.
Mayor-elect Chow's upcoming property tax increase remains undisclosed, likely to be addressed during the 2024 budget discussions.
Stay informed and engaged as Toronto's housing landscape undergoes significant changes under Mayor Chow's leadership.
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