The City of Vancouver understands that these leases are one of the main reasons why small businesses end up with such a significant tax strain.
“In some areas, real estate speculation, the potential for densification and the pace of change has driven up land value significantly and most commercial property owners are passing on the increased cost of property taxes to their tenants through triple net leases.” – Grace Cheng, Director of Long-Term Financial Strategy & Planning, City of Vancouver
City council has made it part of its mandate to do all it can to support small businesses in the city. According the City of Vancouver, small businesses, arts, culture and non-profit sectors are an important part of the fabric of the community. However the municipality is limited in what it can do to offset the impact of increasing property taxes on these businesses.
Brian Wener thinks that the city can do more to follow through with their mandate.
“They throw up so many roadblocks and are so slow, they always say they care about certain things, but they just don’t follow through.” – Brian Wener