RITE Richmond will direct staff to draft a letter to the Provincial Government to request options for implementing aVacancy Tax to combat housing affordability.
Rational : The City of Vancouver has begun charging a vacancy tax to better utilize residential properties with both owner occupancy and to increase the rental stock, these measures have shown that properties that sit empty can be better used and subsequently provide more options for housing.
The City of Victoria has requested to the Honorable Selina Robinson, the Minister of Municipal Affairs and Housing to support the restoration of a Land Value Tax to create a disincentive to holding vacant property for speculative purposes.
This made in Richmond solution will be designed to allow people to travel freely and use their properties the way they choose but discourage speculation by foreign investors. Funds raised through this incentive would be directed towards building more affordable housing to bring families back to Richmond.