The Mayor wants to get serious about building a city of the future.
And with that, John Tory is recommending the creation of a City Building Fund, which would focus only on transit and housing projects across Toronto.
The plan for the proposal is to have some of it funded by a 0.5% levy starting in 2017, since the Scarborough Subway Levy expires next year.
Tory says the levy would be collected for five years and would mean the average homeowner would pay about $13 annually to the fund, which would then make tens of millions of dollars available to invest in infrastructure.
“Building transit, which is the single most effective way to cut congestion, and adding more affordable housing, while repairing our existing stock. People also want to know their tax dollars are being used effectively. By creating a dedicated fund for transit and housing – we are doing just that. This initiative will allow us to pay for transit and housing projects across Toronto, just as we are all working together to help improve transit in Scarborough.”” – Mayor John Tory