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Non-local residential property should be taxed at a significantly higher rate than owner occupied or locally owned properties. That would both solve the problem
by api 8y ago
Non-local residential property should be taxed at a significantly higher rate than owner occupied or locally owned properties. That would both solve the problem and provide much needed revenue.
- AzzieElbab 8y agoHow would you enforce that when people have "trusted" relatives all the world?
- pm24601 8y ago1. All real estate held by non-human persons ( i.e. corporations, LLC) gets taxed at a higher rate. 2. All real estate used for income production - i.e. AirBnB for significant percentage of the year 3. An owner can declare a single piece of property their primary residence, all others are taxed as commercial property. 4. etc.... Vancouver needs to define "residents" and tax property that is not being held by non-residents.
- stevenwoo 8y agoThere a number floated at 57 million for 2018? value of Vancouver property purchased by local students with zero income - so this only tallied the ones not clever enough to use shell companies or lawyers as described as the other money laundering techniques to purchase homes, though the casino cash to chips to cash might be most brazen. I think just like the UK hsd recently done - stricter anti money laundering rules, income transparency are needed.
- TheCoelacanth 8y agoSo at Vancouver prices, something like 20 houses? That seems like a number that could easily hit just with students from super wealthy families who legitimately live there. I don't see any reason to believe that involves money laundering.