VANCOUVER, B.C.: The Canadian taxpayers federation is calling on B.C. Premier David Eby to cancel plans to bill B.C. taxpayers to bail out condo developers, following a federal announcement that provincial taxpayers will cover 90 per cent of the $1.45-billion bailout. 

“Politicians are playing a reverse Robin Hood with taxpayers’ money,” said Carson Binda, B.C. Director for the CTF. “The government is taking money from families and giving it to condo developers who made a bad investment.”

Prime Minister Mark Carney and Eby announced plans to buy up to 2,200 condos on the West Coast that are currently sitting vacant. 

Carney said that the federal government will cover 10 per cent of the $1.45-billion program, while B.C. taxpayers cover the remainder, during a press conference today. That means B.C. taxpayers will be on the hook for $1.3 billion. 

The B.C. government is adding nearly $30 billion to the provincial debt this year. Debt interest charges will cost taxpayers $6.5 billion. 

Eby’s government also hiked taxes on the average B.C. family by about $450 this year. 

“Eby is hiking taxes and borrowing billions to give big bailouts to luxury condo developers and that’s wrong,” Binda said. “This sends the wrong message to developers: build tiny, luxury condos and list them at fantasy prices and wait for taxpayer-funded bailouts.

“The government should make housing more affordable by cutting taxes and red tape.”