Taxing foreign speculators could lure more businesses

Why has there not been at least some debate on foreign-ownership restrictions in order to bring some sanity to our supercharged housing prices [“Coalition of Progressive Electors mayoral candidate promises to ban renovictions”, web-only]? Look at Australia and Hong Kong, which have brought in methods to control foreign ownership in order to soften wild property speculation.

Housing density is not enough. We are pricing out our children’s ability to live in Vancouver and seriously limiting private companies from considering anywhere in Metro Vancouver to set up shop. With reports of high housing vacancies by foreign owners, we should at least explore surtaxes on such property purchases. This could be a revenue generator and a way to reduce property prices. When the cost of land comes down, more businesses would consider locating here, improving employment for our young people.

> Ken Beckett / Vancouver

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