Tory says Bill 23 will cost Toronto $2B over next decade
CBC
Mayor John Tory warned Ontario's new housing bill could cost Toronto some $2 billion over the next decade and said he'll press Queen's Park to make sure the city remains financially whole.
The Ford government's Bill 23, which passed this week, limits the development fees the city applies to new buildings in order to pay for a wide range of infrastructure.
The province has argued development charges are standing in the way of getting new housing built while a housing crisis worsens.
Tory said if the province wants to cut the fees — something he called an "incentive to developers" that would not necessarily result in cost savings being passed down to buyers — it should underwrite the costs.
The mayor said he'll be pressing for a "dollar-for-dollar" reimbursement plan from the provincial government. Right now, Tory said, there is a commitment from the province but not one that's as clear as he would like.
Tory also said the city and province have agreed to launch a third-party audit of the city's reserve funds, which he said he believes will show the city has been prudent when it comes to its spending plans.
Toronto is already facing a massive budget shortfall of about $700 million, according to the city's latest numbers. Tory is seeking support from other levels of government to balance the city's books, which it is mandated to do.
More to come.
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