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John Tory announces $2 billion investment

Mayor John Tory has unveiled plans for nearly $2 billion in gross spending to combat the city's housing crisis, as part of the 2023 budget.

The budget proposes $616 million from the city's tax base to support housing, excluding ongoing pandemic expenses.

The 2023 budget will have a significant increase for housing, including community housing in Toronto, and support for COVID measures, with nearly $2 billion contained in the proposed budget. Excluding ongoing pandemic-related spending, the budget proposes $616 million of city taxes to support housing. These are funds needed to help our most vulnerable residents and to help people find a way out of homelessness.

In addition the "significant investments" include almost $300 million for the city's grant to the Toronto Community Housing Corporation, and $10.8 million more to address the impacts of the pandemic; $7.08 million for a program to prevent eviction; and almost $19 million for an initiative to support non-profit organizations to purchase and operate rental housing, "to help preserve the city's rental housing stock."

It also includes $3.5 million in new funding to fully support the implementation of multi-tenant housing (the council voted to legalize rooming houses citywide last month) and $146 million for the city's Secretary of Housing (formerly the Office of Affordable Housing).

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