Ontario Liberal platform aims to tackle housing crisis with vacancy tax, levy for developers who delay housing projects

An Ontario Liberal government would reinstate rent control, create a new tax on vacant homes in urban areas across the province and charge speculators who keep approved housing projects idle – a levy meant to spur them to build.

The party says it would bring in a new vacancy tax: It would charge non-Canadian owners 5 per cent of an empty home’s assessed value, and Canadian owners 2 per cent. The revenue, which the party pegs at $450-million a year, would go toward affordable housing. The platform promises to “prevent rent hikes by reinstating rent control everywhere in Ontario.” The PC government scrapped rent control for buildings built after 2018. The Liberals say they would bring it back for all rental buildings, meaning landlords could only raise rents each year by a small regulated amount.

The party is also promising to build 138,000 “deeply affordable” homes, including supportive housing and homes for Indigenous people. The platform also pledges $100-million a year over the next 10 years to preserve and repair 260,000 units of social and community housing. The platform says these projects would cost $18.6-billion over 10 years. A new provincial corporation would oversee and finance new affordable housing.

Tax foreign money used to buy real estate at income tax rates. Ban non-resident ownership. Ban Airbnb. Do ANYTHING about money laundering. Crooks in power ignoring root causes.

Where's the hoarding tax?

globepolitics Del Duca isn't ready to lead , he wants to divide the province based on vaccine status despite the fact covid less and less of an issue , his party always says great things during the campaign than breaks all its promises afterwords

They put it for rent...for a price so high....no one will rent it....

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