Burnaby’s mayor says he’s cautiously optimistic the province’s new foreign buyers tax could boost social housing in his city.
Derek Corrigan says he’s been pushing the province for years to beef up program funding.
“So if there is any solution in this property tax that will assist in social housing, I’m fully behind it.”
But Corrigan says he’s still not sold that the cash will materialize.
“Well if there is actually any money, if people are actually willing to pay the 15% tax, I’d be thrilled to see that money coming back into our communities.”
Corrigan has taken plenty of fire in recent weeks over destruction of affordable rentals, amid it all he maintains the real problem is a lack of cash from higher government.
“I have been on a bended knee begging for investment in social housing.”
But Corrigan says while he’s delighted at the potential, he’s not ready to celebrate yet.
“I’m still from Missouri on whether or not this is going to be a useful tax mechanism or not. I can imagine there’s going to be a lot of lawyers and accountants finding ways around it.”
The province has pledged to pump proceeds from the new 15 percent tax into affordable housing, but has yet to share details of the plan.