Developers in Toronto should pay higher fees to cover the cost of public facilities like roads and parks – but not for the next two years, and then only if the economy improves, says the executive committee.
Councillor Cliff Jenkins (Ward 25, Don Valley West) said the freeze on higher charges amounts to a $50 million giveaway to developers.
But Mayor David Miller and other members of the executive committee said developers are being pummelled by the worldwide economic crisis, and now is not the time to discourage investment.
The developers will just take it out on the poor anyway..
Steven Diamond, of Diamond Corp., said that if the city discourages development, investors will first abandon the economically depressed areas
Quelle surprise!
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