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A comment on "Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks. Parent comment

Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by JumpCrisscross on Tuesday February 06, 2024 @01:51PM (#39278709)
> If I lived in a location with 50% vacant homes all paying property taxes then wouldn’t my schools and streets and all local government services be extremely well funded

If the polity is smart, yes.

It looks like British Columbia gets about 15% of its revenue from property taxes and transfers [1]. So you'd need adjustments to make up for the personal, corporate, sales, fuel, carbon, tobacco and insurance premium (?) revenues the vacant homeowner isn't paying.

[1] https://www2.gov.bc.ca/assets/gov/british-columbians-our-gov... Table 2.3

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Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by wasimanitoba on Tuesday February 06, 2024 @11:49PM (#39284615)
Assuming the drop in social program expenditure doesn't already compensate for the drop in tax revenue.
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