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Chambers call for action to spur housing development

By Brad Perry May 9, 2024 | 5:28 AM

New Brunswick’s business community is calling for immediate provincial action to spur housing development.

The Saint John, Moncton, and Fredericton chambers of commerce wrote a joint letter to the premier this week.

“The letter underscores the severe shortage of available housing units in New Brunswick and emphasizes the urgent need for increased development,” the chambers said in a news release.

Key concerns outlined in the letter include the absence of property tax reforms and incentives for the construction of new rental housing units.

The chambers want the province to eliminate the provincial portion of taxes on new multi-unit construction.

In addition, they said there is a need for comprehensive spike protection measures for residential rental properties.

“To safeguard the province’s much valued population growth and combat issues such as the acute shortage of housing options, urgent action is imperative to incentivize both immediate and long-term housing developments essential for sustainable growth,” said the release.

According to the chambers, these actions would allow New Brunswick to regain a competitive balance with our neighboring provinces by creating an eco-system conducive to urgently needed development.