Reduce Toronto's Housing Rental Prices
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Although the issue of rising rental property prices has existed for a number of years in Toronto, the increasing rates do not appear to be slowing down. To briefly illustrate this growing problem, by mid-2017, Toronto apartment rental prices had risen 30% compared to rental prices six months prior. In fact, the average rental price skyrocketed to above $2000 per month, which is comparable to Brooklyn-level rent prices. This issue is concerning for a number of reasons. First, it means that many new Torontonians cannot afford to move into units. These citizens are either forced to live extremely far outside of the city, or choose to find another job. Second, it has caused vacancy rates within Toronto to rapidly drop, as many residents are unwilling to move and face the new higher rental prices within the city. In fact, vacancy rates across the GTA have reached a 16-year low, and these rates are likely even higher within the city itself.
I am asking you all to sign this petition so that our government leaders know that we are aware of the housing crisis within the city of Toronto, and that we demand they do something to change the current situation. I will be sending this petition to Peter Milczyn (Housing Minister of Ontario), Kathleen Wynne (Premier of Ontario), John Tory (Mayor of Toronto), and all members of Toronto City Council. I hope that they will ensure that all future rental properties designate a certain number of units as ‘affordable housing units,’ which will only be available to citizens below a certain income level. Furthermore, in order to prevent the individuals who rent these properties from being evicted should their income level rise, I ask the government to propose a feasible way to proportionally increase rent on these properties as the individual’s income increases.
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