NEWS RELEASE --
OneCity Vancouver Announces Land Value Capture Policy to Address Housing Crisis and Improve Public Transit
Vancouver Coast Salish Territories, July 26, 2018
For too long, financial windfalls from land value gains such as zoning changes, and transit and amenity improvements have gone only to a lucky few. If elected during the October 2018 election, Brandon Yan and Christine Boyle will work to ensure that all of us benefit from land value increases through a Windfall Power policy.
FOR IMMEDIATE RELEASE
OneCity proposes a two-pronged approach to introducing Windfall Power to Vancouver.
- First, the City of Vancouver - in collaboration with Translink under the South Coast British Columbia Transportation Authority Act - is within its powers to apply a land value capture to transit improvements. City Council should immediately work to create a land value capture plan for areas around the Broadway Subway. The revenue will be used to invest in transit services and fund future transit projects.
- Second, the City of Vancouver should work with the Provincial government to create a made-in-Vancouver solution for a land value capture to be applied to rezoning and other land value gains. The existence and effectiveness of B.C. Assessment puts this province in a strong position to implement and administer this type of land value capture. The money raised through this tax will be fully directed into building social and affordable housing. To put this in perspective, if a mere 1 percent of B.C.’s land value increase over the past ten years had been taxed, governments would have had an additional $10 billion they could have invested into affordable housing.
“Improvements to transit and new community amenities, like parks, have made nearby landowners far more affluent. We believe land value is created by communities and should benefit everyone,” said OneCity Council Candidate Brandon Yan.
“As City Councillors, we’ll work to redirect this windfall and use it to create social and affordable housing in neighbourhoods across the city. Vancouver is in a housing crisis, and we need bold solutions.” said OneCity Council Candidate Christine Boyle.
“I am pleased to see that OneCity wants to make sure infrastructure investments and zoning benefit all Vancouverites. There is a lot of money at stake, and Land Value Capture can provide a lot of assistance to a lot of Vancouver families,” said economist Tom Davidoff.
Successfully applied, this policy will decrease speculation and lead to lessened increases in land values. While this would mean that it brings in fewer funds, it would make the price of land significantly lower, meaning that low and modest income people would be able to afford to stay or move to Vancouver.
Importantly, the Windfall Power policy would not add to the cost of businesses or residents, but would draw down from the profit made by those speculating on real estate. The tax would be designed to stabilize prices while funding public infrastructure.
About Christine Boyle, Brandon Yan, and OneCity Vancouver:
Christine is a community organizer, climate justice activist, United Church minister, and parent. She spent four years working at a municipal public policy institute, and is passionate about addressing the growing wealth gap here, to create vibrant and welcome neighbourhoods for all.
Brandon is currently the Education Director for Out On Screen with experience collaborating across political parties and within government ministries to affect positive policy change for LGBTQ2+ youth in BC. He is a long-time community advocate for sustainability, affordability, education, and human rights.
OneCity will collaborate with Vancouver’s communities and social movements to put equity, affordability, and diversity at the centre of the City of Vancouver’s decision- making processes. We believe that we must transform this city into one where every neighbourhood is for everyone.
Christine Boyle, OneCity Council Candidate
Email: [email protected]
Brandon Yan, OneCity Council Candidate
Email: [email protected]