Toronto's city council has approved a major initiative to build 20,000 new rental homes, featuring incentives for developers to alleviate the ongoing housing crisis.
Mayor Olivia Chow emphasized the urgency of the housing situation, stating that it's critical to prevent the housing pipeline from drying up amid market difficulties.
Coun. Gord Perks anticipates a surge of applications from builders in the first phase of the project, highlighting the unprecedented municipal commitment to affordable housing.
The plan's two phases include an immediate goal of 7,000 new rental homes using city resources, followed by a focus on gaining provincial and federal support for an additional 13,000.
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