Kofi Hope: Ontario’s new affordable housing bill will cut development charges. Is that even effective?
So says Matti Siemiatycki, professor and director of the Infrastructure Institute at the University of Toronto. And he’s right. I made a similar comment in a June, arguing that to get out of our housing crisis, sacrifices need to be made. Case in point: Bill 23, the More Homes Built Faster Act.
The development industry has argued that these charges are a barrier to building new homes and to making housing more affordable. And some advocates have called for reducing these charges on specific types of housing that help with affordability. “Cities are expensive,” Siematyiki says. “All the things the city is raising money for with development charges are things they have to pay for… if developers or new owners don’t pay, someone else will pay, whether through property taxes or other ways.”It’s estimated that our already cash-strapped cities will lose $5 billion in revenue, and Mayor John Tory says the city could lose $230 million annually.
He believes if the choice is between paying for new infrastructure through property taxes or development charges, that development charges are a direct and therefore more efficient way to cover these costs. He also likes that, legally, development charges must be kept in a distinct reserve, set aside from the general budget and only be used to cover infrastructure costs.
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