At a meeting of the Toronto city council on February 9, some members got their bowels in an uproar when listening to the findings of a city-commissioned study on rents.
In 2017 apartment rents had their biggest increase in 15 years. A two bedroom unit costs, on average $1,426 a month. Two bedroom condos also had a big jump, with rents being $2,400, on average. The vacancy rate is less than 1 per cent, the lowest its been in 16 years.
The study found that if low-income residents spend 30 per cent of their annual income on housing and receive a $250 monthly housing subsidy through the city, they still can only cover 60 per cent of the rent based on average market prices.
Councillor Gord Perks said,''Toronto has to make an investment in affordable housing and can use its hundreds of millions of dollars in land transfer tax revenue to do so. The land transfer tax is wealth captured in a booming real estate market.''
It may be the city has other uses for that money that have nothing to do with cash-strapped residents well being.
There is an answer to this mess, but it won't be found tinkering with the effects of capitalism
In 2017 apartment rents had their biggest increase in 15 years. A two bedroom unit costs, on average $1,426 a month. Two bedroom condos also had a big jump, with rents being $2,400, on average. The vacancy rate is less than 1 per cent, the lowest its been in 16 years.
The study found that if low-income residents spend 30 per cent of their annual income on housing and receive a $250 monthly housing subsidy through the city, they still can only cover 60 per cent of the rent based on average market prices.
Councillor Gord Perks said,''Toronto has to make an investment in affordable housing and can use its hundreds of millions of dollars in land transfer tax revenue to do so. The land transfer tax is wealth captured in a booming real estate market.''
It may be the city has other uses for that money that have nothing to do with cash-strapped residents well being.
There is an answer to this mess, but it won't be found tinkering with the effects of capitalism
Steve, Mehmet, John &
all contributing members of the SPC.
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