LOCAL BUSINESS AND THE ECONOMY

Building a diverse, resilient economy that works for everyone

  • Because of the unique ways that commercial leases work, downtown storefronts are often held vacant for years by landlords looking to maximize their profits at the expense of downtown vibrancy and the health of our local economy. We must advocate to the province for a commercial vacancy tax, to tip the scales in favor of actually using valuable downtown space instead of hoarding it for speculative purposes.

  • Despite industrial land being a significant source of jobs and revenue for the city, we have very little of it, and what we do have isn’t used very efficiently. By following in Vancouver’s footsteps and incentivizing multistory industrial buildings, we can create more jobs, increase tax revenue, and leverage the benefits of proximity for local businesses.

  • A large barrier for many small businesses is the need to rent commercial spaces that are often larger and more expensive than they actually need. Many cities around the globe make it easy to run small businesses out of your garage or a small accessory building on your property, and we should follow suit. This is not a new approach, it is how things used to work here, and what created many beloved local businesses that still exist today.

  • Victoria has a significant shortage of hotel space, driving up costs and lowering the number of tourists who choose to visit here and spend their money at our local businesses. More hotels would make it easier for tourists to visit Victoria and spend their money here, strengthening our local economy.