With #Bill23 passing into law today, here is what you need to know #Mississauga: The legislation will cost @citymississauga $885M over ten years in development charge and money for new parks. It’s equal to losing 20% of our capital budget.
The province argues that cities are not sitting on reserves. This is false. Development charges are earmarked for capital projects - the infrastructure projects like bridges, transit, fire stations and community centres that make our city great. We only collect what we need.
It will take a 5-10% property tax increase and/or a reduction in capital projects or city services to make up that difference – BEFORE any other budget pressures are applied. This is not fair to you as a property tax payer and resident.
#Mississauga is not alone – every city across Ontario is facing a harsh economic picture, with rising costs and inflation forcing cities to find ways to tighten their belts. #Bill23 takes money that has been earmarked to improve your community and gives it directly to developers.
Market conditions determine the price of housing, not the cost to build. Eliminating development charges won't bring prices down, but will damage our community. We need to prioritize affordable housing, but it should not come at the expense of our current residents.
#Mississauga must be compensated for these losses. There is no way for us to replace nearly $1B that had been set aside for our long-term planning. I’m asking the province to meet with municipalities so that we can work together to address the housing crisis.
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