Affordable housing strategy

[projekktor id=’24047′]

Hamilton is one step closer to finding a new way to address the huge issue of a lack of affordable housing for low-income residents. With over 5 500 Hamiltonians waiting for social housing, the city has the tough task of maintaining it’s deteriorating existing structures while trying to build new spaces. Today councillors attended an informational meeting to learn more about a housing strategy called inclusionary zoning.

Inclusionary zones is a housing strategy that requires developers to dedicate a percentage of their total units for low-income residents. These are a few examples of properties across the globe from California to Spain. The Ontario Government has greenlit the initiative and will be making the legislative change within the year. Inclusionary zones were introduced in the U.S. back in the 70’s and have helped create over 150 000 low-income housing units in the last decade.

But property developers still have many questions. While they agree that it’s a very important issue, local developers are waiting to see if the provincial government will announce any financial incentives for them to develop inclusionary zoned property, because if they don’t that could make buying your first home or renting it more expensive. While it’s unclear when exactly the new legislation will be made, Hamilton is already planning as if it’s official.