Skyrocketing housing prices have made the dream of homeownership out of reach for many Ontarians, particularly young people and newcomers. While Doug Ford has helped speculators and large developers rake in record profits, renters and first-time homebuyers have been left behind.
If passed, my motion would set a speculation tax at two per cent of a home's property value on owners who pay most of their taxes outside Ontario, and a vacant home tax set at two per cent of a home's property for investor-owned properties left unoccupied six months of the year or more. Revenue from these taxes would go towards building affordable housing in the region, including deeply affordable housing.
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