this post was submitted on 12 Aug 2023
122 points (96.9% liked)
Canada
7185 readers
288 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
- Canada Politics
- General:
- By Province:
🍁 Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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
Hot damn. That's how you do it!
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.
@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.