Madam Speaker, I would like to welcome the member. It is always good to see former city councillors on the floor of the House speaking to the issues that matter to municipalities. Housing was one of the issues that was referenced in the subamendment that was just tabled.
I have read the paragraph in the NDP platform on housing. As a former councillor, I was curious that it required a one-third, one-third matching funding, and that 500,000 homes were going to be built with no mention of how they would be financed. At an average cost of $360,000, that is a $180-billion program. If one-third has to come from municipalities, which is the NDP platform, where are the cities that have that $60 billion financial capacity and how those cities would come up with $60 billion? To put it in context, one-third of federal programs come to Ontario, so that means $60 billion alone for Ontario. For Toronto, that is a $30-billion program he is proposing. That would require the City of Toronto to come up with $10 billion, an extra $1 billion a year on top of the tax base in order to fulfill the NDP's pledge as mandated by its platform.
Does the member opposite think the City of Toronto has an extra billion dollars lying about? If it does, why is it not building housing now with it?