Waiving Development Fees to Spur Apartment Construction
One way to increase housing supply is to make it cheaper to building multi-family housing, like Toronto recently decided to do.
Developers will pay less in fees for the construction of new apartment buildings, in an effort o build more "purpose-built rental housing" in the city, according to Chris Fox.
The purpose-built rental is more commonly used in the United Kingdom and Canada than here in the United States, but it indicates the specificity of the development for rental, rather than for-sale as a condominium (a Daily Hive post from 2016 explains more).
The province of Ontario is also supplying $60 million in funding for rebates on projects, part of a $125 million program to spur development of purpose-built rental housing.
Published on Monday, October 1, 2018 in
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