Quote:
Originally Posted by misher
This is why the empty home/speculation tax is dumb on property worth more than a mil.
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Your statement makes no sense. If an owner is apparently wealthy enough to sit on an apartment valued at over a million dollars, what difference does it make? An unused, empty apartment is an unused, empty apartment whatever it's worth. The fact that they'll have to pay a substantial taxes if they choose to leave it empty is an even greater incentive for them to offer it for lease at a realistic figure - which is probably quite a bit south of $7,000 a month. And if they're dumb, or stubborn, then those taxes (at least in the City's case), will help pay for non-market housing to help someone finding it difficult to get a reasonably priced rental.