New right of first refusal for affordable housing in Montreal
The City of Montreal has a new right of first refusal so that it can quickly acquire land and buildings into affordable housing. The City will also be able to acquire existing residential rental buildings in order to preserve their affordability, according to a press release released Monday.
The right to pre-empt a building for residential purposes will allow Montreal to build a land reserve of buildings intended for the creation of affordable housing.
60,000 affordable housing in 10 years
“This new by-law represents a first concrete step towards achieving our goal of developing 60,000 affordable housing units over the next 10 years,” says Benoit Dorais, Vice-President of the Executive Committee and responsible for housing , in the press release.
According to the City, Montreal will be the first municipality in Quebec to adopt a similar mechanism to preserve the affordability of its housing stock. Mayor Valérie Plante had also mentioned that this new regulation was one of her priorities when unveiling her plan for the first 100 days of administration.
A similar regulation already exists for the acquisition of land intended for social housing.
The new regulation will be presented to the next municipal council and its adoption is scheduled for spring 2022.< /p>