this post was submitted on 14 Aug 2023
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Housing is a provincial responsibility.
The federal government can tax the fuck out of corporations and private individuals to take the profit motive out of speculating on real estate.
An immediate 1% tax on the total value of any non-primary-residence property that goes up at 2x the rate of inflation every year would see a steady stream of corporations and private landlords liquidating their inventory of homes as each individual property crossed into non-profitability -- without causing a dramatic shock to the market. Housing cost increases have been going up for 20 years, fixing it in 5 to 10 should be seen as a huge win.