Re:The Canadian Housing Boom Fueled by China’s Billionaires
by rz2k on Wednesday August 03, 2016 @02:40AM
(#12216061)
Introduction of a gradual increase in property taxes, as well as a gradual decease in income taxes, even lower than zero if appropriate, would be the naïve, straightforward economic policy recommendation if the problem has been accurately described. Some details yo resolve would be the numerous people who were using their primary residence as their main investment for retirement, and deciding how to handle people who were improving properties in order to make a living.
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Re:The Canadian Housing Boom Fueled by China’s Billionaires
by delecti on Wednesday August 03, 2016 @09:35AM
(#12217778)
Is there any reason that property taxes couldn't be increased solely on homes without residents? It would at least encourage putting foreign owned homes on the rental market.
Re:The Canadian Housing Boom Fueled by China’s Billionaires
by acveilleux on Wednesday August 03, 2016 @12:45PM
(#12219336)
It's hard to define "no resident" and to effectively verify.
People would just hire someone or ask a relative to sign a lease and officially be "the resident" without actually having anyone live in the unit.
Re:The Canadian Housing Boom Fueled by China’s Billionaires
by caffodian on Wednesday August 03, 2016 @10:58AM
(#12218374)
Residency tracking is hard. Actually, the city of Vancouver got permission from the provincial government to implement a vacant homes tax, but it's based on the home being unoccupied for a whole year. It probably won't work.
Re:The Canadian Housing Boom Fueled by China’s Billionaires
by paulsutter on Wednesday August 03, 2016 @04:07AM
(#12216406)
Why gradual? (not disagreeing, just asking)
Re:The Canadian Housing Boom Fueled by China’s Billionaires
by linkregister on Wednesday August 03, 2016 @04:43AM
(#12216556)
Impact on retirees, impact on existing resident property owners, and lack of control over what income tax Ottawa sets are a few reasons.