Foreign ownership is a bit of a blind, you need to ban corporate ownership as well
this post was submitted on 04 Feb 2024
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Well you see we can’t do that because the lawmakers are the ones in charge of those corporations
I don’t like paying property taxes on my 150 single family rental properties. Perhaps I should go into politics to change policies allowing me to profit more on denying people the ability to purchase property, since people like me bought all of the supply.
quite so, quite so, however this ban on foreign ownership has put them them in quite the pickle as they can no longer blame dirty foreigners. And with people starting to cotton on to the "immigrants and international students" tactic I look forward to the uptick in articles on "african gangs" (or the canadian equivalent) to angry up the blood.
Ban amateur landlords.
You want to be a landlord? Better buy a purpose built unit like a triplex or larger that will encourage densification and stop fucking over families just trying to find a place to raise their family.
How do you define 'corporate' ownership? If you can own 100 properties as an individual, does that count as 'corporate'? If it doesn't, that seems like an easy loophole. If the intent is to ban large quantities of homes owned by single entities, then doing it by quantity sounds more sensible.
That might redistribute old homes, but it doesn't necessarily solve the drip feeding of new homes that we have going on right now. For example, the UK used to build 250k+ houses every year during the 1950-1980s period. 50% of that was government built council houses for those in need. It's estimated that we need to build 250k more homes than we currently do in the UK, and the private housing industry has not done its part.
Why you acting like we can only do one of these things?
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ban company/ corporate ownership of standalone housing.
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increased scale of taxation on any property past PPR. One house gets you 10% increase. Two gets you 20%, etc. oh it's empty? Now you got an empty property tax as well
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fuck up developer scarcity. Set hard time limits between land purchase and development / sale. Give land use laws teeth
Why you acting like we can only do one of these things?
I'm not, please don't assume that. It sounds like we're in agreement here, so I'm not debating you, but rather adding to your post, I suppose. It sounded like you wanted to extend the conversation towards solutions to the housing crisis in general.
all g I realised that came across a bit more antagonistic than intended. I meant it more as "let's do ALL of it mwahhahaa"
Why you acting like we can only do one of these things?
Because it's a common tactic used to confuse an issue and get the discussion bogged down in irrelevant details and "hah! Gotcha!" moments.
.......Yeah i'd read the rest of the thread before throwing that around
You're the kind of person who sits on their hands and only gets off of them when you tell others to sit on theirs.
How do you define ‘corporate’ ownership? If you can own 100 properties as an individual, does that count as ‘corporate’?
It's how you report the income. A corporation pays corporate tax rate on profit. An individual pays income tax. If someone wants to pay the individual income tax on 100 properties, that's awesome. 33% over 250k. Corporate tax rate can easily be half of that.
Plus filing your taxes is waaaaaay easier having a corp hold all the assets and generating revenue, and the individual as an employee who draws a salary. If you're just an individual with 100 properties and you get audited, you're in for a bumpy ride trying to pick apart personal vs rental purchases
I live in an area in Central California, and almost all the new houses are being bought by Indians from India. Like, how the fuck are they doing it? My wife and I have saved our entire lives to by a home, and we're barely doing it. Meanwhile, all my neighbors are Punjabi Indians in their mid 20's...it's crazy.
Looks like the house on arrested development lmao.
It's only light treason, Michael. How bad can it be?
I don't get the impression that the Canadian government wants to do anything about its housing crisis.
Yes there are unsustainable levels of immigration, but the levels are set deliberately to keep the housing bubble alive and to suppress local wages. ^1^
Foreigners are also easy targets to blame when the housing "crisis" is really just a depraved economic scheme.
Corporate ownership aside, owners outnumber renters in every province. Canada has a large population that will not support affordable housing because it hurts the appreciation of their property. ^2^
^1^ Adding 1.1m new people with only 200k new housing units skews the demand and supply on the housing market to jack up the cost of housing to $2,500 for 1 bedroom at a minimum wage of $16.55, so you're looking at negative $600 per month of income for full time work after taxes and rent.
The Canadian government extended 10,000 visas to failed H1B applicants in 2 days. I think it is safe to assume 10k tech jobs weren't added in those two days.
Apparently one thing they intend to do is cap the number of international students. Not saying that's much, but I guess it is one thing.