Why taxing empty apartments can help solve housing shortages in major cities | The Optimist Daily
Today’s Solutions: June 22, 2024

Many expensive cities around the world are suffering from a housing crisis as more and more people move towards these sprawling metropolises. Strangely enough, these cities tend to have lots of unoccupied homes that are either used as investment properties or second homes. This is the case in Vancouver, which is in need of more housing. To deal with this, the city passed a tax on homes that sit empty for more than six months out of the year. The result? The number of empty apartments dropped 15 percent in just a year and the city raised $38 million. Most of which will go to affordable housing programs. A new study suggests that something similar could happen in other cities—and that in expensive, dense areas where it’s difficult to build new housing, an empty house tax might be an effective way to make housing more affordable.

Solutions News Source Print this article
More of Today's Solutions

Could “antivitamins” be the cure to antibiotic resistance?

The first naturally-occurring bacteria killer, penicillin, was discovered nearly a century ago and with it came the advent of a new class of medicines: ...

Read More

Pittsburgh will become a dark sky city in 2022

Anyone who lives in a big city knows that stars are a rare sight due to light pollution, but that may soon change in ...

Read More

5 simple yet profound ways to make the world a better place today

The word activism can bring up images of aggression and vehemence, but it turns out that activism can be practiced in gentle ways, too. ...

Read More

Removable solar panels might soon be rolled out on railway tracks

Solar panels are being laid out "like carpet" across Swiss train rails as part of the country's renewable energy initiative. Swiss startup company Sun-Ways ...

Read More