[Northern Light]

6 x basement studios for 25-years at approx. ~812 per month (inflation adjusted).

Expect to see more of this kind of settlement - w/ fewer & smaller units for a shorter period of time at a deeper level of affordability under OPA 558.

LINK - https://www.toronto.ca/city-governm...nitiatives/definitions-of-affordable-housing/

More units, larger units for longer-period --- at a higher-rent to the owner --- is a better policy, but it would require more direct rent-subsidies from the government to cover the spread for the tenants.
View attachment 541836

In the scenario above, does rent control remain in effect for an occupied unit at the end of the 25 years, or can the developer automatically take the units full market?

 

[HousingNowTO]

In the scenario above, does rent control remain in effect for an occupied unit at the end of the 25 years, or can the developer automatically take the units full market?

Unknown, as it is not explicitly-defined in the public documents.

Assumption is that occupied unit remains at rent defined in the existing lease for the sitting tenant, but then reverts to market-unit rents upon vacancy in year 25+.

 

[Northern Light]

I cannot confirm that the motion below pertains to properties owned by this developer, but that would be my supposition:

Member Motion added at the last Council meeting:

Agenda Item History 2024.MM16.51

Agenda Item History 2024.MM16.51

secure.toronto.ca

I believe the intent here will be acquire all the properties on Laing adjacent to the existing park, that are not the subject of this proposal.