Update: Read our letter, sent to Toronto City Council ahead of their meeting, from our President & CEO, Jan De Silva.
The Toronto Region Board of Trade applauds City Council for approving the 2023 Housing Action Plan, which includes bold steps to unlock critical housing options and address our affordability and supply crisis.
“On behalf of the business community of the Toronto region, the Board is pleased to see Mayor John Tory’s bold plan to confront our housing shortage,” said Jan De Silva, CEO of the Toronto Region Board of Trade. “Our housing crisis cannot be solved by one municipality alone. This Action Plan builds on the recent housing announcement from the province, and we hope will pave the way for region-wide commitment to follow Toronto’s lead and create the conditions that will allow for more homes across the entire region.”
The Board is particularly pleased to see the Mayor call for the elimination of antiquated exclusionary zoning policies that prohibit even modest forms of density in most residential neighbourhoods. This is the action the Board has been urging the City to take since 2021.
The Board hopes the first steps will include the legalization of fourplexes in all residential areas immediately.
Revisiting the exciting new development underway in the Port Lands that will bring new residents to Toronto’s revitalized waterfront is another strong step towards ensuring we aren’t missing opportunities for density. It will be important that these changes are supported by new public transit like the planned Waterfront East LRT.
The plan also includes proposed action to build more housing for students and boost our labour capacity with training for skilled trade workers. The Board is encouraged by this added focus on bolstering our talent pool and preventing further brain drain.
The Board anticipates that these policy changes will allow Toronto to create sufficient new units to match demand and double its current rate by 2030 to 40,000 new housing units per year.
If these proposals are approved by City Council on December 14th, the City will be well positioned to alleviate our housing crisis, enabling our businesses to remain competitive and attract and retain top talent.
The Toronto Region Board of Trade is one of the largest and most influential business chambers in North America and is a catalyst for the region’s economic agenda. We pursue policy change to drive the growth and competitiveness of the Toronto region and facilitate market opportunities with programs, partnerships and connections to help our members succeed – domestically and internationally.
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Megan Stangl
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