In a move seen as a pioneering initiative in addressing Canada's rental housing crisis, Victoria, which has some of the highest rents in Canada, is allocating funds from short-term rental taxes to construct affordable housing units for hospitality workers, reports CBC News.
The Victoria City Council recently approved CAD $2.5 million from its housing reserve fund, which includes revenue from platforms like Airbnb, to assist the non-profit Greater Victoria Housing Society in building a 40-unit apartment for affordable workforce housing.
The balance of the project’s estimated $18 million is coming from government grants and loans.
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