Mayoral front-runner Olivia Chow spoke to press on Thursday about her plan to create and sustain a Secure Affordable Homes Fund -- a move meant to help safeguard affordable housing stock and protect renters from renovictions.
Joined by representatives from the Kensington Market Community Land Trust, Black Urbanism Toronto, and Chinatown Community Land Trust, Chow specified an annual investment of $100M to be used towards the purchase, repair, and transfer of affordable rental stock to land trusts, including not-for-profit, community, and Indigenous housing providers.
READ: With a Firm Lead in the Polls, Olivia Chow’s Renter-Centric Platform Is Hitting Home
“Working with land trusts and other non-profit housing providers, we can do more to empower communities to take greater ownership over housing and keep that housing affordable to families," said Chow. "Together, we can support and protect renters, end renovictions and ensure people have real affordable options when they’re looking for a place to live."
Taking a cue from the City of Montreal, Chow will also explore securing the right of refusal for the City of Toronto. This would give the City the pre-emptive right to acquire properties that are already listed for sale in order to secure them as affordable units.
Since launching her campaign in mid-April, Chow has maintained a firm lead in the polls with her renter-centric platform.
READ: As The Race For Toronto’s Mayor Heats Up, Here’s Where The Top Candidates Stand On Housing
The former city councillor, member of parliament, and school board trustee has spoken about creating a Toronto Renters Action Committee -- a task force dedicated to establishing anti-renoviction bylaws, advocating for real rent control, and reviewing existing policies and programs related to renters -- and has vowed to build 25,000 rent-controlled homes over the next eight years on City-owned land, including at least 7,500 affordable units and at least 2,500 rent-geared-to-income units.
She has also proposed raising the new Vacant Home Tax to 3% and using those funds to construct affordable housing and support the City’s existing affordable housing initiatives, including rent supplements.
“Renters are feeling precarious. They are worried about surprise rent increases and renovictions. They know the rental market is skyrocketing and they are afraid that if they have to move, they won’t be able to find a home they can afford. Renters need a mayor who has their back,” said Chow on Thursday. “Our city is losing affordable housing fourteen times faster than we’re building it. We need to build more, I have a plan for that, but we also urgently need to protect the affordable homes we have now before they’re gone forever.”
