The Globe and Mail reports in its Friday edition that CIBC chief executive officer Victor Dodig says Ottawa's affordable housing proposals in the upcoming federal budget will not solve housing issues in the near term. The Globe's Stefanie Marotta writes that Mr. Dodig said after CIBC's annual meeting Thursday that his expectations for the budget include proposals that will boost housing development. He also warned that taxes on banks introduced in previous budgets threaten to drag on profits and investment in the industry. Prime Minister Justin Trudeau said Wednesday that the federal government will add $15-billion to an existing low-cost loan program to jumpstart rental apartment construction. On Tuesday, the federal government said it is launching a multibillion-dollar fund to pay for infrastructure needed to build housing. "I would characterize it as an incentive-based infrastructure system to advance the development of housing," Mr. Dodig said. "Some of that's going to take longer. It's going to require much more co-ordination and co-operation that may not take the steam off in the very short term." He said a more immediate solution could include incentivizing homeowners to create rental units in existing homes.