Mayor Chow's first budget proposes historic investments to set us on a path toward a more affordable, caring and safe Toronto.
Mayor Chow launched her first budget yesterday.
It proposes historic investments in housing, protecting and empowering renters, transit and safety to set us on a path toward a more affordable, caring and safe Toronto.
The budget also includes significant measures to address Toronto's financial challenges and get us back on track after years of decline and pandemic-induced pressures on city services.
Mayor Chow's budget proposes funding to make her game-changing plan to build 65,000 rent-controlled homes, thousands of below market and rent-geared-to-income units, a reality.
This includes funding for 1,300 rent-geared-to-income homes and 24,500 new rental homes.
There is also a historic three year, $100 million investment in the Multi-Unit Residential Acquisition (MURA) Program.
Funded through the Vacant Homes Tax, Housing Accelerator Fund, and Provincial Build Back Better Fund, MURA helps co-ops, non-profits, Indigenous housing providers and other community organizations buy housing units to take them off the market and keep rent affordable.
Toronto is losing affordable housing 14 times faster than we're building it. That's why the MURA expansion is critical. It will enable thousands of residents to live in secure, affordable and rent-controlled homes.
The Mayor's budget also proposes investments in city programs that protect renters.
This includes:
These proposed investments will help Torontonians facing illegal rent increases, difficulties making rent or landlords who won't make repairs, deal with pest infestations or other critical issues in your home.
Enhancing these services will also help thousands of Torontonians stay housed, preventing adding more pressure on our shelter system.
The Mayor's budget also proposes more funding for shelters, warming centres and supports for people experiencing homelessness.
This includes:
The shelter budget also reflects $200 million from the province as part of the New Deal and the anticipated federal refugee shelter support.
The Mayor's budget freezes TTC fares, increases service levels to 97 percent of pre-pandemic levels and adds over 160 highly-visible TTC workers to improve safety.
It would also fully fund the construction of the proposed busway along the Scarborough RT corridor.
This is in addition to the three year, $330 million in provincial funding as part of the New Deal to operate and maintain the Eglinton Crosstown and Finch West LRT.
The New Deal also includes funding for new subway trains for Line 2 Bloor-Danforth, contingent on matching federal funds.
The Mayor's budget proposes funding to expand community grants, provide more opportunities and programs for youth.
This includes new Youth Hubs through the Toronto Library, These offer drop-in spaces that give young people a place to go after school and provide access to programming.
It also invests in our emergency services, including fully funding the Toronto Community Crisis Service (TCSS), where trained crisis workers respond, de-escalate, and refer people in crisis to appropriate mental health and other social services.
The Mayor's budget includes:
The mayor's budget includes a new $50 million Back on Track Fund for urgent state of good repair needs like fixing potholes, local swimming pools and other public infrastructure.
There is also funding to beautify our parks and public spaces and accelerate building new infrastructure like new community centres and child care centres.
Mayor Chow's budget includes significant measures to address Toronto's financial challenges and get us back on track after years of decline and pandemic-induced pressures on city services.
The staff proposed budget, released in early January, included a nine percent property tax increase and the previous Mayor's 1.5 percent building levy.
After listening to residents at events like my Budget Town Hall and city-wide consultations, Mayor Chow lowered the property tax increase to eight percent in her proposed budget, which, along with the 1.5 percent City Building Fund Levy, amounts to a 9.5 increase.
The City Building Levy has remained at 1.5 percent since being increased by Mayor Tory in 2020. It had been at 0.5 percent since its introduction by Mayor Ford.
Mayor Chow also lowered the proposed property tax increase for multi-residential dwellings to ensure landlords can't pass the cost onto renters, who are already being squeezed by record-high rents, through above-guideline increases.
The federal government announced over $162 million in support for refugees and asylum seekers this afternoon.
This is great news! It's a big win for the city as we urgently needed support from Ottawa to ensure newly arrived refugees aren't left out in the cold upon their arrival.
This money reimburses the city for 2023 and covers the costs of sheltering refugees over the first few months of 2024. More support is anticipated in the federal budget.
Mayor Chow confirmed that this new funding means the six percent 'Federal Impacts Levy' initially proposed by city staff is no longer required.
Mayor Chow's budget will go before a special meeting of City Council on February 14th.
I will continue to keep you updated on the 2024 City Budget.
New measures come after Councillor Fletcher’s call for proactive enforcement in wake of recent maulings.
We discussed the Vacant Home Tax, housing, the Port Lands Gas Plant, Alcohol in Parks, Indigenous naming in the Port Lands and more.
My spring newsletter is out! Plus: free compost this weekend & 2024 Environment Days.
