Advocates say the City of Toronto could have raised nearly $3 billion for transit and climate sectors from big corporations over the last five years if they had decided to use a commercial parking levy.
TTC Riders and Toronto Environmental Alliance calculated how much revenue the City could have generated through this levy if they implemented it in 2018, saying it could have generated up to $575 million in additional revenue each year to a total of up to $2.875 billion.
“Instead of raising billions of dollars, this revenue tool has been left on the table since 2016, and Council requests for more information have been quietly sidelined,” the release reads. A commercial parking levy is a tax that can be applied to non-residential commercial parking lots, which the parking lot landlord would have to pay. The two organizations note that the City can implement a commercial parking levy through the City of Toronto Act.
On top of generating more revenue, TTC Riders and TEA say the commercial parking lot levy can encourage more real estate development, support reliable transit to commercial properties, and could reduce the financial incentive for building large paved parking lots.
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