City council has adopted a sweeping new zoning policy which will require that some developers construct affordable housing alongside market-rate units starting in 2022.

The new inclusionary zoning framework will require that condominiums with 100 or more units set aside five to 10 per cent of their total square footage for affordable rental and ownership units at first.

But the policy aims to increase the share of units that must be set aside for affordable housing to eight to 22 per cent by 2030, depending on the location of the development and the type of below-market rate unit that is provided.

The city says that the affordable units would be priced so that households making between $32,486 and $91,611 per year can live in them without shelling out more than 30 per cent of their monthly income on shelter costs.

According to a staff report, one-bedroom apartments would therefore go for $1,090 a month while two-bedroom apartments would go for $1,661 and three-bedroom apartments would go for $1,858.

Ownership costs would be capped at $190,100 for a one-bedroom unit, $242,600 for a two-bedroom unit or $291,700 for a three-bedroom unit.

The rules won’t apply to purpose-built rental units until 2026 as the city continues its effort to encourage the development of that type of housing.

“In a nutshell, inclusionary zoning means by law that new developments must include an affordable housing component where rents or the cost of ownership will be less than our expensive marketplace otherwise offers,” Mayor John Tory told reporters at city hall on Tuesday morning. “The private development industry has been very successful, even through the pandemic, and that's good for jobs and for the economy. But the long term health of the city itself and its economy requires that our development industry should play an increasing role in the supply of affordable housing.”

Continue to read on: CP24.com