The City of Vancouver has pulled in $18 million so far from the Empty Homes Tax out of what's anticipated to be $30 million in the first year.
More than half of the $18 million is going towards one-time implementation costs ($7.4 million) and operating costs ($2.6 million).
(Council approved recommendations this week on how the remaining $8 million will be spent. It’s allocated for affordable housing initiatives. Read the details HERE.)
Here’s how the one-time $7.4 million implementation cost breaks down. The cost, spread over 2016, 2017 and 2018, included project team resources, set-up costs for the new administration, audit and collection team costs and technology costs to automate the process:
$800,000: project team ($80,000 less than originally budgeted)
$850,000: business support ($670,000 more than originally budgeted)
$2.1 million: technical ($650,000 more than originally budgeted)
$2.75 million: professional services ($1.35 million more than originally budgeted)
$400,000: hardware and software ($300,000 more than originally budgeted)
$500,000: contingency ($190,000 less than originally budgeted)