Toronto city council has approved a plan to build 20,000 new rental homes, offering monetary incentives to developers, including deferrals of development charges and property tax reductions. Mayor Olivia Chow emphasized the urgent need for rental housing, as 50% of residents are renters. The first phase aims to construct 7,000 homes, while the second phase seeks funding for an additional 13,000. Some councillors expressed concerns that the incentives are insufficient, while others highlighted the financial burden on taxpayers. Eligible projects must include at least 20% affordable units.
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