"Wouldn't simply ONLY building new buildings/housing be more effective?" Yes, the vacant house tax is just politics, Vancouver has had some actual success with

"Wouldn't simply ONLY building new buildings/housing be more effective?" Yes, the vacant house tax is just politics, Vancouver has had some actual success with build-build-build but that strategy is limited by NIMBYs in many areas. Same with downtown Toronto, the suburbs are a pricing disaster but condo prices are not following as steep a curve simply because there is supply being built.