TORONTO -- Toronto is launching a plan to address a shortage of both rental and social housing as well as homelessness.

The city says the 10-year proposal will help more than 341,000 households.

Mayor John Tory says the program will help support those who are struggling to pay the rent or keep a roof over their heads.

The project will cost $23.4 billion, with the city putting up $8.5 billion.

Tory is calling on the federal and provincial governments to step up and cover the remainder.

He says ensuring residents have access to housing will benefit the city.