How to Fix Toronto’s “Revitalization” Program: Leveraging land value to redevelop social housing

Toronto has found in Revitalization a creative, if imperfect, way to address long-term capital financing gaps. This memo explores the program in detail, to highlight how similar agency-developer partnerships could be a means to address capital financing challenges elsewhere. It concludes with two sets of recommendations: first, for Toronto, as it looks to future Revitalization projects; and second, for policymakers, cities, and social housing agencies interested in bringing a Revitalization-like program to their jurisdictions.