11–20 of 36 posts
Vancouver development is in bad shape now thanks to these taxes and a glut of new supply that was built with financing not available to the average developer Pre sales are dead. Some projects are in receivership. New Projects are not going ahead
I can’t see it being a bad thing. The kind of landlord who is willing to keep a property vacant is not usually a struggling enterprise, unless we are talking about a completely hollowed out declining metropolitan area (which most west coast cities absolutely are not). In my city, one development in a highly desirable area basically demolished a historic building, built a new one with far more prime retail space inclu…
Vancouver development is in bad shape now thanks to these taxes and a glut of new supply that was built with financing not available to the average developer Pre sales are dead. Some projects are in receivership. New Projects are not going ahead
> A feature of the EHT is that it focuses on residential properties, not commercial spaces
> [Due to] the shift to remote work during the pandemic, office vacancies remain stubbornly high in many cities.
> With the combination of Vancouver’s EHT combined with the province’s SVT, the taxes are credited with reducing the residential vacancy rate to 0.49%
This article is terrible. It starts off talking about high vacancy rates for commercial properties, then segues to talking about housing shortages. Vacancy rates for housing is definitely not in the 27% range implied by the article. They're in the single digits, with the hottest housing markets also having the lowest rates. https://www.census.gov/housing/hvs/current/index.html https://www.census.gov/housing/hvs/data/…
> Portland, Oregon reached another post-pandemic high of downtown office vacancies – 27%
Earlier quoted context omitted.
Because development and permitting fees aren’t the problem. People already want to build new homes. We just don’t allow them to do so. In fact, those subsidies are often part of the problem. The only way to get new development approved in many cases is to include a number of below-market units in the development… even though they are subsidized, that mandate kills the economics of the project. It happens often enough…
Well whatever. Hand vacancy taxes to developers as straight cash incentives to build more. Bonus per unit completed or any other metric that isn't subject to gaming. The point is, make it cheaper to build.
Vancouver development is in bad shape now thanks to these taxes and a glut of new supply that was built with financing not available to the average developer Pre sales are dead. Some projects are in receivership. New Projects are not going ahead
Did we read the same article? > A feature of the EHT is that it focuses on residential properties, not commercial spaces > [Due to] the shift to remote work during the pandemic, office vacancies remain stubbornly high in many cities. > With the combination of Vancouver’s EHT combined with the province’s SVT, the taxes are credited with reducing the residential vacancy rate to 0.49%
Vancouver development is in bad shape now thanks to these taxes and a glut of new supply that was built with financing not available to the average developer Pre sales are dead. Some projects are in receivership. New Projects are not going ahead
Did we read the same article? > A feature of the EHT is that it focuses on residential properties, not commercial spaces > [Due to] the shift to remote work during the pandemic, office vacancies remain stubbornly high in many cities. > With the combination of Vancouver’s EHT combined with the province’s SVT, the taxes are credited with reducing the residential vacancy rate to 0.49%
Isn't that really, really low and a driver of rent rises?
Earlier quoted context omitted.
Well whatever. Hand vacancy taxes to developers as straight cash incentives to build more. Bonus per unit completed or any other metric that isn't subject to gaming. The point is, make it cheaper to build.
I think you're misunderstanding the problem. Everyone wants to build more. Cities won't let them. It's often arbitrary and capricious.
I can’t see it being a bad thing. The kind of landlord who is willing to keep a property vacant is not usually a struggling enterprise, unless we are talking about a completely hollowed out declining metropolitan area (which most west coast cities absolutely are not). In my city, one development in a highly desirable area basically demolished a historic building, built a new one with far more prime retail space inclu…
What do you think a "tax write off" is?