Archive | May, 2015

The New NIMBY Tax

25 May

Tragic, the political class knows the only real solution is to end RS-1, along with pushing greater density where it is already zoned, but instead they pander to xenophobia and NIMBYism.

The tax will not really do much to stop the rise of house prices, ironically it may hinder many local first home buyers, who for any number of reasons need to sell a new condo within a few months of taking possession. Example – new buildings always undergo a settling in process upon completion – buyers switching suites as they discover what they bought on plans, no longer meets their needs upon possession three years later. These people, along with builders and developers, will be caught up in the complexities of such a tax.

—– Forwarded Message —–
From: Gregor Robertson <info@votevision.ca>
To:
Sent: Monday, May 25, 2015 11:20 AM
Subject: A level playing field for housing
Gitano —

On Friday, I announced that I want the Province to bring in a tax on real estate speculation, to discourage short-term sales, or ‘flipping.’

Here’s why.

At the City, we’re doing what we can to shift the market towards more affordable options. We’ve put in place incentives to get developers to build rental apartments, instead of condos. We upped the requirement for family housing in new projects.

And we’re investing a record $61 million through our Capital Plan into new housing, supporting new co-ops and social housing.

But housing prices continue to climb, and far outpace inflation or incomes. That’s not healthy. And while the City can do a lot, we can’t do everything.

That’s why I proposed a speculation tax to the Premier earlier last week. The goal is to discourage investors who buy a home just to make a quick buck — who buy it and then, 6 months later, turn around and sell it again.

That’s not fair to people, especially first-time buyers, who are trying to get into the housing market. It’s especially unfair to young people who are struggling in a surging real estate market.

Click here to add your name to support the call for a Speculation Tax

We need the Province to take this step to create a more level playing field in Vancouver, and we need the federal government to finally come to the table with a plan to help build the affordable housing that Canada urgently needs.

Together, we can send a message that housing shouldn’t just be an investment commodity – it should be for living in.

Thanks for your support,

Gregor


Vision Vancouver
http://www.votevision.ca/ 
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