Incentives under the new policy will likely be similar to those of the STIR program which included:
• rental property assessment (on rental units only);
• development cost levy waiver (on rental units only);
• parking requirement reductions (on rental units only);
• discretion on unit size;
• increased density; and
• expedited permit processing.
Whether this program will be enough to entice developers to build new rental units is a matter for debate. One thing is certain and that’s there is a shortage of affordable rental housing in this city.