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.””