On Monday, April 3 I will be co-hosting an unprecedented joint meeting(s) of the Tenant Issues Committee, which I Chair, and the Affordable Housing Committee with my colleague, Councillor Ana Bailao.
Toronto’s rental housing market has become increasingly unaffordable for many people.
The challenges of finding and keeping a decent and affordable place to live are affecting people across the rental spectrum in all areas of the city, including Midtown.
Rents are rapidly rising beyond the rate of inflation and, on the turnover from one tenant to the next, units newly on the market are drawing bidding wars. Due to historically low vacancy rates and a lack of new purpose-built rental supply, more and more residents are finding themselves precariously housed by renting condominiums.
Despite the ongoing construction of new condominiums, there remains a critical shortage of homes that people can afford. As a result of market pressures and a lack of protection for any rental unit built after 1991, some tenants in condominiums have recently reported annual rent increases between 10% and 50%.
Residents in purpose-built rental buildings that supposedly have protection from rents rising above inflation are also at-risk. Landlords are allowed to increase rents substantially for basic maintenance, including balcony replacements and new boilers, due to unfair provisions in the provincial Residential Tenancies Act.
This meeting will look at housing affordability in a holistic manner and request the provincial government and City Staff to move forward with concrete measures to help ensure that all Torontonians have access to a safe, clean, and healthy home.
The meeting will take place at 3pm in Committee Room 2 on the 2nd floor of City Hall.