Owners of vacant buildings and land across London might get their tax breaks axed.
City staff are recommending a motion at a Tuesday Corporate Services Committee meeting that calls for a gradual phasing out of a 30 per cent rebate on properties that have been empty for at least 90 days.
The argument for cutting rebates stems from vacancies putting a halt on potential city-wide development. Critics said owners of empty properties can sit on them for years, reeling in cash, without the pressure to develop them.
The committee will look into slashing up to 500 rebates handed out annually, pouring an extra $1.8 million in tax revenue back into the city.
The report being presented in the meeting commencing at 10:30 will recommend the elimination process start in 2018 to wave goodbye to rebates by 2020.
With files from Hala Ghonaim
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