How BC Could Tax Soaring Property Values for the Public Good | The Tyee

The vast majority of B.C.’s residential property wealth — $1.5 trillion — is in the value of the land rather than in the buildings on it. Unlike the value created by constructing or improving a building, increases in land values are not the result of any effort or expense by property owners. Rather, the land value is a social creation in that it reflects what makes the use of a particular location attractive to people.

Source: How BC Could Tax Soaring Property Values for the Public Good | The Tyee

Alex Hemingway has a great post on one part of our housing puzzle, how to fairly tax people on their unearned land wealth. Our property tax and incentives are setup to reward already wealthy land owners at the expense of everyone else. Given how unaffordable and unreachable housing is for many in BC and rest of Canada, every policy lever needs to be pulled. I have little faith that our landowner-heavy governments will act with the level of urgency and scale needed though 🙁

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