The City of Toronto is currently facing an unfunded capital expenditure gap of approximately $30 billion. In order to create a more sustainable financial footing, the City is reviewing its long-term fiscal planning and potential revenue options.
City of Toronto report on revenue tool options (June 2016): [LINK]
As defined in the above report, the parking levy option would be borne only by commercial properties and represent a significant break of the City’s commitment to lowering the burden on commercial properties that are disadvantaged in relation to surrounding 905 municipalities.
Toronto Financial District BIA is strongly opposed to a parking levy. As a member of the Real Estate Industry Coalition, we have supported the preparation of the following report outlining the disadvantages of a parking levy and will continue to advocate that it is not endorsed.
“Revenue Tools: 10 reasons a proposed parking levy is a poor choice for Toronto,” prepared by the Real Estate Industry Coalition (October 2016): [LINK]