Apartment buildings and condos are currently taxed at the same rate in Toronto, which doesn’t do much to nudge developers toward the chronically underserved purpose-built segment. JoshMatlow | realestatenews TOpoli Toronto rentals
issued today. “By cutting taxes in half for new apartments, we can shift the supply of housing from investment-driven condos to purpose-built rentals.”
Matlow has not shied away from proposing divisive, housing-related policy changes since launching his campaign in Marchto fund several improvements across the city. Following that, Matlow proposed the creation of Public Build Toronto with the hopes of generating 8,250 rent-controlled market apartments and 6,750 affordable apartments, including 750 deeply affordable units for Torontonians on very low or fixed incomes.
As well, to improve apartment affordability, Matlow has spoken of putting $50M towards the purchase of affordable apartment buildings that are “under threat” with the end goal of handing off those buildings to non-profit operators.Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines, and writes a quarterly series for a Canadian design publication.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chow maintains commanding lead as Saunders, Matlow, Bailao make small gains: pollIn less than two weeks, Torontonians will head to the polls to elect their next mayor, and according to a new poll from Liaison Strategies, Olivia Chow remains the clear front runner in the mayoral race.
Read more »
Chow maintains commanding lead as Saunders, Matlow, Bailao make small gains: pollIn less than two weeks, Torontonians will head to the polls to elect their next mayor, and according to a new poll from Liaison Strategies, Olivia Chow remains the clear front runner in the mayoral race.
Read more »
BNB feels the sting as investors continue cutting their lossesBNB stands in a tough spot as this dormant whale cut off losses by selling the BNB holdings. Additionally, BNB exchanged hands 22% lower in the last seven days, which wasn't a good sign for the exchange and its coin.
Read more »
Ottawa proposes financial incentives to get accessible taxis on the roadThe city of Ottawa is looking to offer financial incentives to taxi drivers to boost the number of accessible taxis operating on city streets and help offset the rising costs of operating a cab.
Read more »
SIU investigating after Toronto police officer fires gun during car theft call in Little ItalyThe SIU is investigating after a TPS officer discharged their firearm in the west end of Toronto Sunday afternoon while responding to reports of a car theft.
Read more »