After announcing that the Empty Homes Tax is expected to raise $30 million in its first year, the City of Vancouver has launched a website for Vancouver residents to share ideas about how and where to spend the funds.
All of the revenues, after operating costs, will be spent on affordable housing initiatives in the city.
The website allows residents to create a new idea for affordable housing, or comment on or like other submitted ideas, including those already put forward by the City.
First-year operating costs for the Empty Homes Tax are expected to total around $10 million, which means that the City should net around $20 million in 2018 for affordable housing initiatives.
The website says, “The discussion on this platform, as well as input from other public conversations, will inform Vancouver City Council’s decisions about how to spend the Empty Homes Tax revenue. Ideas will need to be reviewed for feasibility and costed out by City staff.
Residents have until May 17, 2018 to use this platform to submit ideas, after which they will be assessed by the City.