How The Government Can Improve Housing Affordability

This episode explores the multifaceted challenges and potential solutions to Toronto's housing crisis. Against the backdrop of plummeting housing starts and soaring development charges (a 405% increase in the last decade), Councillor Brad Bradford discusses the complexities of the issue. More significantly, he highlights the disconnect between the city's development charge reserves and the actual delivery of necessary infrastructure, creating a negative feedback loop that further hinders development. For instance, the high cost of development charges, coupled with restrictive policies, makes many projects financially unviable, leading to a potential unprecedented housing crisis. The discussion then pivots to potential solutions, such as the "Missing Middle" initiative, which aims to increase housing density through multiplexes and accessory dwelling units. This approach, according to Bradford, not only increases housing supply but also empowers a new class of investors and builders. In conclusion, the episode emphasizes the urgent need for policy changes that reduce red tape, improve financial viability of projects, and foster a more positive environment for housing investment, ultimately impacting the future of Toronto and other major Canadian cities.