The City of Toronto aims to increase purpose-built rental housing, as outlined in a new report proposing the development of 20,000 new rental homes, including 16,000 purpose-built and 4,000 affordable units. The report calls for a Purpose-Built Rental Homes Incentive to support these goals, which include a tax reduction and deferral of development charges for qualifying projects. City staff also recommend seeking funding from provincial and federal governments to achieve these targets. City Council will review the report on November 13.
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