A new analysis of the Ford government’s proposed housing legislation by City of Toronto staff is warning that the plan will have major negative financial ramifications for the city without clearly advancing the goals of getting more housing built.
In a report coming before Toronto City Council this week, city staff say that Bill 23 “does not advance the necessary policy initiatives critical to fostering necessary affordable housing options and planning for complete communities.”
A preliminary analysis supported by an independent third party estimated that changes to development charges, community benefits charges and parkland levies would result in a $230 million annual loss in revenues — a roughly 20 per cent reduction. “The Bill is in large part premised on the fact that if costs are reduced and timelines to decision advanced, that this will result in more construction, but it does not address other realities in the complex world of development,” the staff report says. “Developers deal with an array of issues that impact decisions to advance to development, including interest rates, financing, access to construction supplies and labour.
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