The challenge of providing affordable housing in rapidly growing urban centers is not new, nor is it easily solved. Around the world, major cities struggle to provide quality and affordable housing options. London and New York, for example, have had long-standing, well-documented crises of affordability that have only accelerated as these cities have become more and more desirable, resulting in considerable growth. As Toronto also grows, we will increasingly be no exception. As I write this, our market is reaching a feverish pitch – with small, semi-detached homes in walkable areas now tipping out over the $800,000 mark. In addition, there are currently 78,000 households on the waiting list for social housing in this city. We already need to be doing more to keep Toronto affordable and inclusive for all.
One of the ways some cities have managed their affordability challenge is to introduce inclusionary housing policies (sometimes known as inclusionary zoning) which make planning approvals conditional on new housing developments containing a specific proportion of affordable units. Simply put, laws are enabled that require new private, market housing developments to also include affordable units. Unlike many U.S. cities, however, Toronto does not have the legislative authority to implement inclusionary housing.