The Canadian Taxpayers Federation is urging Premier David Eby to scrap British Columbia's planned condo purchase program after Ottawa confirmed provincial taxpayers will pay for the vast majority of the $1.45-billion initiative.The advocacy group said the plan amounts to a taxpayer-funded bailout for condominium developers who are struggling to sell vacant units."Politicians are playing a reverse Robin Hood with taxpayers' money," said Carson Binda, the CTF's B.C. director. "The government is taking money from families and giving it to condo developers who made a bad spending decision."Prime Minister Mark Carney and Eby announced plans to purchase up to 2,200 unsold condominium units on Canada's West Coast.According to Carney, the federal government will contribute 10% of the program's $1.45-billion cost, leaving British Columbia responsible for the remaining 90%.That means B.C. taxpayers would cover approximately $1.3 billion of the program.The Taxpayers Federation criticized the proposal as the province continues to face mounting debt and higher taxes.According to the group, the B.C. government is expected to add nearly $30 billion to the provincial debt this year, while debt-servicing costs will reach $6.5 billion..The organization also said the average B.C. family is paying about $450 more in taxes this year following provincial tax increases."Eby is hiking taxes and borrowing billions to give big bailouts to luxury condo developers and that's wrong," Binda said.He argued the plan could create the wrong incentives for the housing market."This sends the wrong message to developers: build tiny, luxury condos and list them at fantasy prices and wait for taxpayer-funded bailouts," Binda said.Instead of purchasing unsold housing units, the federation said governments should focus on lowering housing costs by reducing taxes and cutting regulatory barriers to new development."The government should make housing more affordable by cutting taxes and red tape," Binda said.
