Chow specified an annual investment of $100M towards the purchase, repair, and transfer of affordable rental stock to land trusts, including not-for-profit, community, and Indigenous housing providers. realestate realestatenews Toronto TOpoli
Published:Mayoral front-runner Olivia Chow spoke to press on Thursday about her plan to create and sustain a Secure Affordable Homes Fund — a move meant to help safeguard affordable housing stock and protect renters from renovictions.
Joined by representatives from the Kensington Market Community Land Trust, Black Urbanism Toronto, and Chinatown Community Land Trust, Chow specified an annual investment of $100M to be used towards the purchase, repair, and transfer of affordable rental stock to land trusts, including not-for-profit, community, and Indigenous housing providers.
Taking a cue from the City of Montreal, Chow will also explore securing the right of refusal for the City of Toronto. This would give the City the pre-emptive right to acquire properties that are already listed for sale in order to secure them as affordable units.
“Renters are feeling precarious. They are worried about surprise rent increases and renovictions. They know the rental market is skyrocketing and they are afraid that if they have to move, they won’t be able to find a home they can afford. Renters need a mayor who has their back,” said Chow on Thursday. “Our city is losing affordable housing fourteen times faster than we’re building it.
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