If we do decide to use tax dollars to incentivize development, we must assure that the program is transparent and that there is good oversight.
Published in The Columbian
"The Multifamily Tax Exemption program, or the MFTE, offers tax breaks to developers who price a portion of their units under a certain monthly rent threshold, or who offer to provide some sort of public benefit, such as a park or an art installation. The idea is to increase housing stock, providing an incentive for developers to build in Vancouver. But some are starting to question if the trade-off is worth the lost revenue — and if the tax breaks are actually necessary in order to draw developers."It appears to be a handout," said Glen Yung, one of the community members who addressed the council Monday and a frequent critic of the program. "We have no data specifically telling us yes, indeed, these projects wouldn't have happened without it."
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