this post was submitted on 05 Jul 2023
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Things have gotten so bad that I'm willing to vote for whoever takes the most significant measures to make housing affordable. Here's a half-baked assortment of the sort of policies that would either increase supply or reduce demand:
Allow mixed-use medium-density housing in areas that now allow only single-family homes. Allow mixed-use high-density housing to be built in proximity to subway, train, bus stations.
Reduce the taxes and paperwork required to (re)build a home.
Pay several architecture firms to design a variety of housing and offer those projects free of charge to the public. A la "Vancouver Special".
Use public land to build social housing below market rates
Municipalities buying old apartment buildings and renting them out below current market rates
Maintain a central registry of who owns what housing and who lives there (necessary for the policies below). This can be used to audit abuses
Raise property taxes on vacant housing
Introduce a new yearly anti-speculation tax that depends on the owner of the unit:
Halve immigration targets until housing crisis is over
Edit: 10. Eliminate parking minimums. Let business decide how much parking they need.
Why all this bureaucracy? We can simply just shift property taxes to land value taxes. Much more equitable and it would disincentivize speculation and incentivize density. You only need to know who owns which parcel of land so its much less bureaucratic.
Land can either be a good investment, or it can be affordable; it can't be both. A land value tax does nothing to prevent wealthy people to hoard vast amounts of land, driving the cost of land higher. Foreign investments in real estate are particularly damaging to affordability, because it makes ordinary Canadians compete against the wealthiest people around the world, a fight they can never win.
You are right, land should not be a good investment. A land value tax supports this as it decreases the value of the land, it won't be seen as an investment. Wealthy people and investors hoarding land will only increase their tax burden and thus will not be profitable for them.