Why doesn't Ford consider other sources of revenue to bring in much needed money to the City of Toronto? Oh, I forgot, he wants to cancel the property transfer tax. Interesting that New York City still has a
Real Property Transfer Tax (RPTT)
Why is he getting rid of taxes that would bring in revenue?
Many of these are taxes related to the overall success of NYC. There are no equivalent alternatives to renting a hotel in NY, or parking in NY, and the demand for these services is pretty inflexible. As a result, businesses can charge monopoly rates. If the City imposes a tax on this income, these businesses are not able to pass the costs onto the consumer, since they are already charging the maximum consumers can pay. And so the taxes are borne by those who directly benefit from the City's efforts to make NYC so desirable that it is worth paying the high cost of a hotel room, parking space, etc.
In Toronto, some downtown private parking lot operators have begun to experiment with rather amazing prices, in some cases tripling rates from what they were last year. A family driving down to the ferry docks can now expect to pay $30 for a spot that cost $10-12 last year. This is a result of the City's efforts to make waterfront properties more desirable. Not only should the City raise rates in Green P lots, it should charge a tax on all parking spaces, to recoup some of the private benefits bestowed on property owners as a result of these public investments.
Also, the total cost of a parking space is not just the cost of the space, but also includes the costs of using the public roads that take you to that space. It is fair for the City to recoup some of these costs.
I also think that since downtown hoteliers, restauranteurs and tour operators benefit the most from public investments in tourism, there should be a hospitality levy to pay for these investments, and the hospitality/tourism industry should have the main say in how it is spent. That would end suburban griping about how Etobicoke property taxes help pay for downtown film festivals or parades.
The bottom line for me is, it is perfectly fair for the City to ask that those who directly benefit from public investments pay their fair share of the costs of those investments.