Young people today face a unique set of circumstances and challenges when it comes to finding an affordable home that they can afford and maintain. This article examines the current housing affordability gap for this demographic and proposes some potential solutions to bridge the gap.
The article emphasizes both the short-term and long-term strategies necessary to address the issue of housing affordability in Canada, which include increasing supply, incentivizing alternative housing units, and improving public transportation. The article also addresses the need for improved access to private capital, including tax incentives for investors, to unlock existing homes in rental markets.
In the short term, the article suggests approaches such as providing subsidies and tax credits to those buying their first home and creating zoning regulations that encourage the construction of multifamily housing. It also suggests expanding income-based rental assistance programs to ensure that lower-income earners have access to affordable housing. Further, it recommends instituting rent control measures, such as capping rent increases, in order to provide tenants with financial stability.
In the longer term, the article states that there needs to be a comprehensive plan to tackle the housing affordability gap, including initiatives such as creating a national housing strategy, increasing investment in infrastructure and developing public-private partnerships to fund new housing developments. Additionally, the article notes the importance of providing appropriate funds to adequately support affordable housing initiatives and of collaborating with different levels of government to create a balanced approach to housing policy.
Overall, the article makes a strong case for why bridging the housing affordability gap is critical for Generation Z and all Canadians in the long run. It outlines several key solutions that could effectively help to reduce the cost of living and make housing more accessible. These solutions include promoting fairer zoning regulations, improving access to private capital, creating tenant-friendly rent control policies and introducing a national housing strategy. By taking the necessary steps to address the unique needs of Canadian youth, the country will be able to ensure that everyone has access to safe and affordable housing.
This article was contributed on Sep 23, 2023
