Mr. Brooks mentioned an interest in maybe adapting the American low-income tax credit program to a Canadian context. This is the kind of opportunity where tax incentives are coupled with actual public benefit. If there's a tax break, what does society get in return for it? In this case, it could be investment in affordable housing.
I think there's a lot of will in the private sector to address this problem, but we need to make sure we're targeting those incentives toward the core of the problem, which is affordability.
The other witness mentioned the floor of $1,700 to build a new apartment. That's actually the minimum level of affordability for the median income in Canada. Half of all people in the country cannot afford any rent higher than that. Good luck finding a $1,700 apartment in any urban centre in the country right now.
Clearly, something has to be done.