Peel warns it faces a $2-billion shortfall under Ford’s new housing bill. The loss of revenue would lead to infrastructure cuts and tax and utility rate hikes, says a report from the region’s chief administrative officer.
The Region of Peel says it could lose $2 billion over the next decade because of changes to development fees included in the contentious More Homes Built Faster Act, a sweeping provincial bill that aims to build 1.5 million homes by 2031.
According to a letter to the Association of Municipalities of Ontario dated Nov. 30, Minister of Municipal Affairs and Housing Steve Clark committed to “ensuring municipalities are kept whole for any impact to their ability to fund housing enabling infrastructure because of Bill 23.” “The first property tax bill is going to hit them hard,” Mississauga City Councillor Carolyn Parrish said on Friday. “And when it does, they’re going to call our office and I’m going to say, ‘I’m sorry, I fought the good fight. Here’s your MPP’s number. Call them.’”at the prospect of what AMO estimates will be a $5.1 billion revenue shortfall over nine years.the bill will not hurt cities’ finances.
The province’s housing target for Peel Region is nearly 150 per cent more than what was previously forecast — jumping from 100,000 new homes to 245,000. The new target will be challenging to accomplish, the report says.
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