Last week, the province released their much anticipated inclusionary zoning regulation and I welcome Minister Milczyn's efforts to establish a flexible framework.
Building affordable housing is a partnership between all levels of government and sectors. The Minister's support for local decision making ensures that we can design a made-in-Toronto affordable housing solution that meets our city-building objectives and work creatively with our partners.
With housing costs increasing significantly in major cities around the world, we need local tools to address the challenges of housing affordability. The announcement gives Toronto the flexibility to implement balanced affordable housing requirements based on our residents' needs and housing market conditions.
As we see from the cranes all around us, Toronto has experienced rapid growth over the last decade. With these new powers the City can ensure our future growth is more inclusive while maintaining our economic competitiveness. Access to affordable housing in our city is essential to keep our communities diverse and prosperous.
The City looks forward to continuing to work with the provincial government, our partners in the non-profit housing and development sectors in implementing the inclusionary zoning regulation and creating much-needed new affordable housing for Torontonians.