Ontario has scrapped Toronto’s proposed affordable housing requirements for nearly 70 redevelopment sites across the city, replacing mandatory quotas with non-binding language after pressure from major landowners, including several real estate investment trusts (REITs). The province’s decision came in late January, just ahead of Ontario’s 2025 election call, more than a year after Toronto city council submitted amendments to convert parcels of former employment land for residential use. The city’s original proposal included affordability mandates requiring a percentage of new units to be priced below market rates for at least 99 years. However, the Ford government’s final approval changed the requirement to a suggestion, stating that affordable housing was merely “encouraged. ”According to documents reviewed by the Toronto Star, at least three REITs lobbied against the affordability conditions, warning the rules could stifle development or render projects financially unviable. “During a housing crisis, this dangerous disincentive acts directly contrary to the provincial and municipal mandate to bring housing to market faster,” wrote lawyers for CT REIT, which owns land at 4630 Sheppard Ave. E.!!!
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