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Letter: Tax exemptions don’t add up

By Bill Kelley, Yacolt
Published: August 12, 2020, 6:00am

You need $47,680 income to afford a rental in Vancouver (“Waivers revive talk of how we define affordability,” The Columbian, Aug. 9). The average renter makes $33,588. Somehow Vancouver says this is “affordability.” Therefore Vancouver has granted the developers 31 projects, tax exemptions for eight or 10 years — i.e., no taxes. Now that is affordability for developers! The renters, well, I don’t think that they think this is affordable.

As to lost tax revenue, one developer is saving $841,000 in 10 years; do we multiply that figure by 31? That would be $26 million in lost taxes so renters who make $33,588 can afford apartments that they need $47,680 income to rent? I am absolutely positive this magical math has nothing to do with affordability and all to do with developers making a lot of money.

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