Could Bill 23 cost London, Ont. $100 million? City staff say it’s possible

While the exact figure is still unknown, a report from city of London staff estimates that it could range between $25 million and $100 million.

Bill 23 could cost London, Ont., upwards of $100 million, according to a new report from city staff.

Also known as the More Homes Built Faster Act, Bill 23 aims to address the housing crisis by speeding up home construction and by building 1.5 million homes over the next 10 years.

This plan is set to take shape through an array of measures, including cuts to development charges, which are fees imposed by cities on new builds in order to pay for new infrastructure.

While the exact figure is still unknown, the report from staff estimates that costs for the Forest City could range between $25 million and $100 million.

“We don’t know the specific details on how some components of the act will come into effect, which means we don’t know the ultimate cost,” Mayor Josh Morgan told Global News.

“Staff are going to work towards preparing some information for the multi-year budget process, and then we’ll have a clearer picture of exactly what the financial impacts are,” he said. “There are certainly impacts beyond financial within this legislation.”

The More Homes Built Faster Act reduces the role of conservation authorities, which includes limiting the areas they can consider when assessing development permissions such as the controversial decision to open Greenbelt land for housing — despite previous public vows not to — while adding more areas to the protected tract elsewhere. Bill 23 also removes factors such as pollution and conservation of the land, as well as flood risk.

However, Mark Wallace, director of the London Development Institute (LDI), said that it’s “very supportive” of the legislation.