Quote:
Originally Posted by misher
The intention was to push people to rent out their homes to create affordable housing. These units will never be affordable rentals. Plus stats have showed little change in the vacancy rate in Vancouver since the tax came in.
What this does do is push regular rich tourists to sell and leave and never come back.
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Even though these are luxury units, there will be a bit of a trickle-down effect. People who were looking to upgrade now have an opening which will then lead to a cascade downwards.
My brother in NY observed that housing prices had gone even though only high-end units were being built. It's all about supply and demand.