CTF calls on BC govt to cancel 'condo bailout,' says move 'sends the wrong message' to developers
The Canadian Taxpayers Federation is calling on British Columbia Premier David Eby to cancel the province's proposed partnership with Ottawa to purchase up to 2,200 vacant condominiums, arguing the plan would amount to a taxpayer-funded bailout for developers.
In a news release Thursday, the advocacy group said BC taxpayers would be responsible for about 90% of the proposed $1.45-billion program, with the federal government covering the remaining 10%.
Leda Omid
The proposal, announced last week by Prime Minister Mark Carney and Eby, would see vacant condominium units converted into affordable housing.
"Politicians are playing a reverse Robin Hood with taxpayers' money," said CTF BC Director Carson Binda. "The government is taking money from families and giving it to condo developers who made a bad investment."
The federation said the province would be responsible for roughly $1.3 billion of the program's cost and argued the government should not intervene to support developers with unsold units.
Instead, Binda said developers should lower prices and governments should focus on making housing more affordable by reducing taxes and red tape.
The CTF also criticized the province's fiscal position, pointing to the government's projected debt and interest costs while arguing taxpayers should not be asked to fund the proposed program.
Leda Omid
The comments come as debate continues over the federal-provincial housing initiative, which aims to convert thousands of vacant condominiums into affordable homes. While critics have described the proposal as a bailout for developers, both governments have said the goal is to increase the supply of affordable housing by making use of existing vacant units.
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