These development subsidies that you speak of, are they direct subsidies as in the city gives the developers cash, indirect as in the city builds the roads going to the subdivision or more abstract as in, once the area hits a certain population the city will build a train station?
If they are fully upfront then you may have an argument, but anything done after the land is sold to homeowners would be much more difficult to quantify and execute. As far as I know the Municipal Government Act lays out the rules for property taxes and each zone. I suppose a special levy could be added for any project, but I am not sure if that would require a vote.
What would happen if they wanted to build a new art gallery in the core? Would the taxes be adjusted so that those who are closer to it pay more? Clearly someone who can walk there will benefit more than someone who lives in the suburbs.
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