Whereas the Province of British Columbia implemented the Speculation and Vacancy Tax SVT with the stated objective of increasing long-term rental supply and improving housing availability for British Columbians; And whereas the Province has publicly stated that approximately 20,000 homes province-wide have been returned to the long-term rental market as a result of the SVT; And whereas despite the implementation of the SVT, many communities continue to experience persistently low rental vacancy rates andor rising rental costs; And whereas municipal governments require clear, verifiable, and community-level data in order to assess the effectiveness of provincial housing policies and to inform local land-use, housing, and affordability strategies: Therefore be it resolved that UBCM ask the Province of British Columbia to provide municipalities with clear, transparent, and verifiable data regarding long-term rental outcomes attributed to the Speculation and Vacancy Tax SVT, including the methodology used to collect and interpret the data, the total SVT revenue collected within each community, and a detailed accounting of how much of that revenue has been reinvested locally in both affordable and supportive housing.
