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Canada wants to make homes affordable without crushing prices
(www.bnnbloomberg.ca)
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this post was submitted on 12 Aug 2023
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This is the simplest solution. But the annual property tax on 2+ properties has to bite otherwise corporations hoarding housing stock would just see that as cost of doing business.
The best approach would be progressively higher (like, exponentially) property taxes according to the number of properties held
I like Singapore's handling
I suspect this would crash the housing market immediately.
1% annual tax on the total value of a property, increasing at 2x the rate of inflation, first for corporate owners & foreign individuals of residential properties, then individual owners of any residential property that's not their primary residence. The money raised goes directly to build affordable housing and first time home buyer rebates.
This doesn't shock the system, and frees up homes over a period of time, rather than eviscerating demand after a particular date, and slowly releases homes into the market over the course of years, as individual properties fall into non-profitability.
Someone PLEASE steal this idea.
Hot damn. That's how you do it!
@clutchmattic @BedSharkPal
This.
Every property owned above primary should double in tax.
At this point it's the only way to stop the hoarding immediately. Canada is rolling into what may be a viciously cold winter soon, and if we don't do something RIGHT NOW, people will not survive.