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    Citizens for a Better Vancouver

Vacancy tax a good idea that's been badly implemented

 Vancouver chose to spend $7.5 million to set up the vacancy tax administration system, plus an additional $2.5 million a year to collect the tax. Add to that the decline in real estate values, the sharp drop in transaction volume and the dampening effect all this has on the B.C. economy and on local jobs, and you can see how costly the vacancy and related taxes can be. If affordability was truly the goal here, this money would have been spent on clearing the permit application backlog and removing the numerous other obstacles to new housing supply.

https://vancouversun.com/opinion/op-ed/andrey-pavlov-vacancy-tax-a-good-idea-thats-been-badly-implemented

 

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