A proposed 46 per cent hike in development charges shows how unserious it is about combating the housing crisis
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Most of Toronto’s revenue comes from property taxes, which are kept absurdly low, leaving Toronto chronically underfunded. It’s considered political suicide to raise property taxes, so it’s plausible that development charges are being jacked up to help fill budget gaps.the interests of established Canadians at the expense of younger Canadians .Article content
Coun. Brad Bradford agrees that Toronto’s model for funding new growth “disproportionately puts those costs on new Canadians and new homebuyers.” But Bradford said the city is not “sitting” on this money and argued that investing funds simply takes time, given complex government bureaucracies.
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