• frostbiker@lemmy.ca
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    1 year ago

    I would prefer to see more targeted measures to deter speculation, such as Singaporean-style heavy taxation of residential units owned by corporations, non-residents, and owners of multiple homes.

    • Someone@lemmy.ca
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      1 year ago

      A combination of the 2 sounds good actually. Heavy taxes as you mentioned but also exemptions for purpose built rentals (as an entire building, not individual units)

      • frostbiker@lemmy.ca
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        1 year ago

        I agree that we need to incentivize the construction of more supply, but while adding supply takes a long time, reducing demand can be done with the stroke of a pen. Here are some ideas that can be implemented overnight:

        • Singapore-style taxation of residential units sold to corporations, non-residents and people who already own a home.
        • Yearly tax on residential units, offset by refundable tax credits. This means that only non-residents would pay this tax, discouraging foreign speculators.
        • Switch from a property tax to a land value tax to discourage real estate hoarding. A land value tax encourages land to be used.
        • Temporary reduction of immigration quotas of all kinds, to be progressively relaxed over time as specific housing targets are reached.
        • Someone@lemmy.ca
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          1 year ago

          Yearly tax on residential units, offset by refundable tax credits. This means that only non-residents would pay this tax, discouraging foreign speculators.

          Could it make sense to only be refundable for 1 unit? If someone has multiple units they should theoretically be paying enough tax for it to not make a difference. This would catch anyone who’s a resident but not declaring any income.

    • BedSharkPal@lemmy.ca
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      1 year ago

      That to me is one of the few true solutions, and we know if works because it’s been done elsewhere:

      • Rocket@lemmy.ca
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        1 year ago

        It hadn’t worked prior to April 2023. It is really too early to tell if the elevated rates after that have worked.