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They thought that in Vancouver too. They didn't bank on wealthy foreigners who would gladly keep condos vacant. You will see the same thing happen in the Bay A
by junkscience2017 9y ago
They thought that in Vancouver too. They didn't bank on wealthy foreigners who would gladly keep condos vacant.
You will see the same thing happen in the Bay Area...there is no law that requires new construction to be allocated to "locals". The YIMBY crowd will still be locked out.
- closeparen 9y agoVacancy tax that's aggressive enough to convince absentee owners to take on renters will need to be part of any solution to the housing crisis, and may even be a solution by itself. (San Francisco has more vacant units, which could be returned to the market overnight, than it could build in years).