The provincial government has created guidelines for fee structures that cities can charge developers in exchange for the tremendous benefit that developers achieve in the form of greater profits. The guidelines are merely that; guidelines. Cities have been able to charge developers more than the guidelines for allowing greater density and developers have been paying the higher CACs because it is profitable to do so.
But the "poor" developers want protections with detailed limits on how much they have to pay for the benefit of increased profits...because they want to make even more profits than the hundred of millions that they already do.
It's amazing that corporations want the benefits of a free market economy where they can tremendously profit from a "free market economy" that has been Vancouver's real estate market over the past 20 years, but don't want the free market conditions to apply to them in the form the costs of participating in that real estate market. Ordinary citizens are required to deal with the same type of free market conditions which has led to inflated real estate prices that have benefited who else but corporations. If developers want "protections" from the free market, perhaps citizens should have the same protections to keep real estate affordable as well. Let's cap real estate costs. Not in the free market spirit? Then forget about limiting CACs for developers. Let's let market conditions apply to developers as well. After all, what's fair is fair.
The question should be asked; if the BC Government places a cap on what municipalities can demand for CACs, how many people and who in the current BC Government will end up with jobs with the very real estate development companies that they will have helped as legislators?
Business inVancouver article below
Court could be the only recourse for property developers in fight with municipalities over CACs
Province lays ground rules for community amenity contributions, lacks enforcement measures