The Star out with piece this morning (behind the paywall) which looks at how the City is (NOT) meeting its goals on affordable housing.
The metric they are using is the old John Tory promise of 40,000 affordable rental units by 2030.
Across Toronto, badly needed affordable rentals are being roadblocked by rising rates and shrinking margins, says head of city hall’s housing secretariat.
www.thestar.com
From the above:
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Good to see the City's top housing czar aware of something:
“Although nothing will ever be built that isn’t approved, it’s also true that you can’t live in an approval,” Bond said.
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To look at that above collectively is to see public officials and pols with their heads buried in the sand.
1) They have failed to come anywhere close to their own goals.
2) If every single one of those 40,000 (as yet fictional) units were delivered tomorrow, and if everyone on the waiting list for public housing could afford them, there would still be 45,500 households in need of housing, if Toronto stopped adding people.
3) The rents being charged are mostly well beyond what those households can manage; meaning we need to get back to deeply affordable/RGI housing, at least, as a portion of the solution.
4) Toronto is growing. In the absence of radical changes in Federal/Provincial policy, that needs to be taken into account. If Toronto adds an average of 70,000 residents per year, or 700,000 over the next decade, IF the market stabilized, you would still expect the proportion of folks in need to remain constant. That's about 5% (I think that's low, but I digress); 5% is an additional 20,600 households in need (700, 000 / 1.7 gives number of households x 0.05)
The hole just keeps getting deeper.