TORONTO, May 18, 2016 /CNW/ - The Federation of Rental Housing Providers of Ontario (FRPO) continues to support initiatives that promote the development of housing that people can afford. FRPO believes that the inclusionary zoning bill introduced today will not achieve that goal.
As the cost of buying a house continues to rise in Ontario, renting a home is a much more affordable option for many individuals and families. "The supply of rental housing has not kept up with demand due to the already high costs of development in Ontario. Inclusionary zoning will result in fewer rental housing units being built, which will further limit supply and increase rents for current and future tenants," said Scott Andison, President and CEO, FRPO. "More rental housing creates affordable housing."
The bill introduced today leaves many of the critical program components to be determined later by regulation. Over the past several years, FRPO has urged the government to create a stable and predictable investment environment to promote the development of much needed rental housing. "The bill introduced today would appear to further complicate an already complex development approval process," said Andison.
In the government's March announcement of the Long-Term Affordable Housing Strategy, it confirmed its commitment to a portable housing benefit to assist low-income families and individuals to find affordable housing. FRPO continues to believe this is the most effective and cost-efficient way to provide families with housing they can afford in the communities they choose.
FRPO hopes the outcome of the consultations on the regulations will ensure a fair and balanced result that will not discourage new rental housing development.
The Federation of Rental Housing Providers of Ontario (FRPO) is the province's leading advocate for quality rental housing. FRPO represents over 2,200 rental housing providers who supply and manage homes for over 350,000 tenant households across Ontario. www.frpo.org
SOURCE Federation of Rental-housing Providers of Ontario
For further information: Scott Andison, President and CEO, Phone: 416-385-1100 ext. 20, Email: firstname.lastname@example.org; Kristina Lauesen, VP, Government & Industry Relations, Phone: 416-385-1100 ext. 21, Email: email@example.com