February 22, 2024
(Toronto, ON) - TTCriders and Toronto Environmental Alliance are celebrating the release of a new plan for the City to raise significant revenue from a commercial parking levy, which could be used to expand and improve transit.
A report headed for consideration at the City’s Executive Committee next week estimates that the levy as proposed could raise up to $150 million per year, even after factoring in exemptions for small parking lots, accessible parking, and other specific uses. This level of revenue could fund significant improvements to the TTC, and support the City’s climate action plan, which relies heavily on Toronto building a world-class transit system. This will also send a strong signal to the people riding transit every day - many of them to jobs in malls and retail establishments - that they matter more than places for cars to sit.
“This is a really big opportunity to make lasting improvements to the TTC,” says TTCriders Board member Krissan Veerasingam. With this kind of funding, the City could fund projects like the Scarborough busway every single year. Twice. We want the Mayor and Councillors to move ahead quickly to bring in this funding for transit.”
“The Mayor and Council have rightly committed to a climate action plan that builds a world-class, free transit system,” says How-Sen Chong, Climate Campaigner at TEA. “This is only possible with steady funding increases for the TTC. A commercial parking levy applied to transit gets us one step closer to the city we know we need to build for the future.”
The report also points out that the City’s long-term financial forecast already relies on revenue from a commercial parking levy to meet future budget needs[1]. Council needs to ensure that this tool moves ahead quickly to balance future budgets and ensure transit riders aren’t faced with future fare increases and service cuts.
MEDIA CONTACTS:
Shelagh Pizey-Allen, TTCriders
(416) 799-0760
How-Sen Chong, Toronto Environmental Alliance
(437) 961-0525
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[1] On the presentation of the budget, City Staff confirmed that expected revenues from a Commercial Parking Levy have been added into their long term financial projections. (Source: https://www.youtube.com/live/80A30oz5Lx0?feature=shared&t=5587, Time stamp, 1:33:07)