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19.4. Speculation Tax

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(Weitergeleitet von Speculation Tax)

In addition to Multi-Family Infill and other affordability tool patterns, taxation incentives and disincentives are needed,


19 4 01 Speculation Tax.jpg


Problem-statement: Speculative investment in real estate can fuel financial bubbles, hurting an entire economy and everyone in it. But a healthy return on real estate investments is necessary to ensure a vibrant and livable city.


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Discussion: Examples of real estate speculative bubbles and the damage they can cause are common throughout history, but perhaps nowhere more conspicuous than the 2008 global financial crisis. Lending and tax rules allowed (and helped to fuel) irrational increases in prices, decreasing affordability for neighboring residents — until the entire system collapsed, leaving many homes empty and many lives irreparably damaged.


More recently many cities have seen surges in speculative investments in their urban cores, fueling a sharp rise in prices. Vancouver, British Columbia has seen such a rise, and has sought tools to dampen the speculation that fuels it. In many cases, foreign investors are seeking assets in order to “park” their capital, and they are often drawn to tall residential buildings — sometimes dubbed “safety deposit boxes in the sky.” In other cases, investors seek to purchase rental properties and force renters to pay significantly more, thereby contributing to overall rises in rent prices.


To dampen these forms of speculation, both Vancouver and the province of British Columbia have introduced new forms of taxation. In British Columbia, empty residences owned by foreign nationals, and other “satellite families” based primarily in other countries and not paying local taxes, are subject to a “speculation and vacancy tax” of 2% of assessed value.¹ In addition, non-primary residences in Vancouver, British Columbia that sit empty for more than six months are charged an “empty homes tax” equal to 1% of their assessed value.² These taxes create a strong disincentive against “parking” and speculating on local real estate.


A tax of this kind must not be seen as a “silver bullet,” but rather, part of a system of incentives and disincentives that reward positive “externalities” to promote the common good — like a more affordable housing market (see Externality Valuation, 17.3).


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Therefore:

Change taxation policy to disincentivize speculative investments in real estate, particularly for empty units.


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Use this tool in conjunction with a suite of other tools and strategies. …




¹ See https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax


² See https://vancouver.ca/home-property-development/empty-homes-tax.aspx


Image: Bobanny via Wikimedia Commons.



SECTION I:

PATTERNS OF SCALE


1. REGIONAL PATTERNS

Define the large-scale spatial organization…

1.1. POLYCENTRIC REGION

1.2. BLUE-GREEN NETWORK

1.3. MOBILITY CORRIDOR

1.4. 400M THROUGH STREET NETWORK

2. URBAN PATTERNS

Establish essential urban characteristics…

2.1. WALKABLE MULTI-MOBILITY

2.2. LEVEL CITY

2.3. PUBLIC SPACE SYSTEM

2.4. BIOPHILIC URBANISM

3. STREET PATTERNS

Identify and allocate street types…

3.1.URBAN GREENWAY

3.2. MULTI-WAY BOULEVARD

3.3. AVENUE

3.4. SHARED SPACE LANE

4. NEIGHBORHOOD PATTERNS

Define neighborhood-scale elements…

4.1. STREET AS CENTER

4.2. PEDESTRIAN SANCTUARY

4.3. NEIGHBORHOOD SQUARE

4.4. NEIGHBORHOOD PARK

5. SPECIAL USE PATTERNS

Integrate unique urban elements with care…

5.1. SCHOOL CAMPUS

5.2. MARKET CENTER

5.3. INDUSTRIAL AREA

5.4. HOSPITAL

6. PUBLIC SPACE PATTERNS

Establish the character of the crucial public realm…

6.1. PLACE NETWORK

6.2. WALKABLE STREETSCAPE

6.3. MOVABLE SEATING

6.4. CAPILLARY PATHWAY

7. BLOCK AND PLOT PATTERNS

Lay out the detailed structure of property lines…

7.1. SMALL BLOCKS

7.2. PERIMETER BLOCK

7.3. SMALL PLOTS

7.4. MID-BLOCK ALLEY

8. STREETSCAPE PATTERNS

Configure the street as a welcoming place…

8.1. STREET AS ROOM

8.2. TERMINATED VISTA

8.3. STREET TREES

8.4. STREET FURNISHINGS

9. BUILDING PATTERNS

Lay out appropriate urban buildings…

9.1. PERIMETER BUILDING

9.2. ARCADE BUILDING

9.3. COURTYARD BUILDING

9.4. ROW BUILDING

10. BUILDING EDGE PATTERNS

Create interior and exterior connectivity…

10.1. INDOOR-OUTDOOR AMBIGUITY

10.2. CIRCULATION NETWORK

10.3. LAYERED ZONES

10.4. PASSAGEWAY VIEW



SECTION II:

PATTERNS OF MULTIPLE SCALE


11. GEOMETRIC PATTERNS

Build in coherent geometries at all scales…

11.1. LOCAL SYMMETRY

11.2. SMALL GROUPS OF ELEMENTS

11.3. FRACTAL PATTERN

11.4. FRAMING

12. AFFORDANCE PATTERNS

Build in user capacity to shape the environment…

12.1. HANDLES

12.2. CO-PRODUCTION

12.3. FRIENDLY SURFACES

12.4. MALLEABILITY

13. RETROFIT PATTERNS

Revitalize and improve existing urban assets …

13.1. SLUM UPGRADE

13.2. SPRAWL RETROFIT

13.3. URBAN REGENERATION

13.4. URBAN CONSOLIDATION

14. INFORMAL GROWTH PATTERNS

Accommodate “bottom-up” urban growth…

14.1. LAND TENURE

14.2. UTILITIES FIRST

14.3. DATA WITH THE PEOPLE

14.4. INCREMENTAL SELF-BUILD

15. CONSTRUCTION PATTERNS

Use the building process to enrich the result…

15.1. DESIGN-BUILD ADAPTATION

15.2. HUMAN-SCALE DETAIL

15.3. CONSTRUCTION ORNAMENT

15.4. COMPLEX MATERIALS



SECTION III:

PATTERNS OF PROCESS


16. IMPLEMENTATION TOOL PATTERNS

Use tools to achieve successful results…

16.1. FORM-BASED CODE

16.2. ENTITLEMENT STREAMLINING

16.3. NEIGHBORHOOD PLANNING CENTER

16.4. COMMUNITY MOCKUP

17. PROJECT ECONOMICS PATTERNS

Create flows of money that support urban quality…

17.1. TAX-INCREMENT FINANCING

17.2. LAND VALUE CAPTURE

17.3. EXTERNALITY VALUATION

17.4. ECONOMIES OF PLACE AND DIFFERENTIATION

18. PLACE GOVERNANCE PATTERNS

Processes for making and managing places…

18.1. SUBSIDIARITY

18.2. POLYCENTRIC GOVERNANCE

18.3. PUBLIC-PRIVATE PLACE MANAGEMENT

18.4. INFORMAL STEWARDSHIP

19. AFFORDABILITY PATTERNS

Build in affordability for all incomes…

19.1. INTEGRATED AFFORDABILITY

19.2. COMMUNITY LAND TRUST

19.3. MULTI-FAMILY INFILL

19.4. SPECULATION TAX

20. NEW TECHNOLOGY PATTERNS

Integrate new systems without damaging old ones…

20.1. SMART AV SYSTEM

20.2. RESPONSIVE TRANSPORTATION NETWORK COMPANY

20.3. AUGMENTED REALITY DESIGN

20.4. CITIZEN DATA