Vancouver council to take $3.8 million in empty homes tax revenue — all designated for social housing — and send it back to developers.
earlier in the week she opposed exempting new homes from the tax, saying that while she supports making it faster and easier to build new housing, she doesn’t think the city should make it easier for developers to hold units empty instead of reducing prices to sell to homebuyers. But on Wednesday, Boyle said she supported Fry’s backing of the time-limited exemption, saying: “If this is the middle ground on this approach, I can live with that.
Then, fellow ABC Coun. Mike Klassen proposed amending the language proposed by city staff around the exemption for unsold inventory. The city’s finance department had recommended council approve a new exemption for unsold inventory, beginning in the 2023 tax year — but Klassen proposed making the exemption “effective retroactively,” starting with 2022.
Boyle said: “I am actually sort of stunned that we are proposing basically returning $3 million plus in funds that have already been collected for a bylaw that was understood.” This retroactive change would apply to $3.8 million in empty homes tax that was already levied on the developers who own about 60 unsold new condos that sat empty for most of last year.Article content
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