• 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.