EBT
Active Member
Thank you for your reply. I did a search on the provisions of S.111. using my AI search engine and it looks like it ticks off each of my concerns, i.e. displaced long term tenants are "left whole".Essentially all of this is covered under S.111. Toronto's provisions for tenants are quite extensive (a good thing).
That said, it also does mean that these buildings, many of which are 50+ years old, just don't see much investment because the owners won't see the upside of that spend in higher rents.
This is what I found:
Toronto's Section 111 provisions under the City of Toronto Act aim to protect tenants in multi-unit rental apartments facing relocation due to redevelopment, such as converting their building into a condo tower. These provisions include:
Tenant Relocation Assistance: Developers must provide relocation plans to assist tenants financially and logistically during the redevelopment process. This includes offering alternative accommodations at similar rents.
Right to Return: Tenants have the right to return to the new building once construction is complete, with rents similar to what they paid before redevelopment.
Replacement of Rental Units: Developers are required to replace the rental units that are demolished, ensuring the same number, size, and type of units are available in the new development. These units must be maintained as rental housing for a specified period, often 10 to 20 years.
Affordable Rents: Replacement units must have rents similar to those in effect at the time of the redevelopment application, with annual increases limited by provincial guidelines.