That won’t do anything unless we also ban hedge funds and REITs from buying them all.
They aren’t worth anything until you sell them again. Billionaires hoarding houses is mostly hype, we just (measurably, sources available) don’t have as many houses as other similar countries do, for some reason.
That’s a misdiagnosis of the problem. Hedge funds and REITs are not the primary drivers of demand. People keep saying this, but even though we should build non-market housing, banning institutional investors from buying real estate is not nearly enough.
And over the next decade we will probably need twice that
Probably more like 4x that, but on the other hand, this is finally a project that is starting to get a little close to the level of added housing that is needed in a single city (presuming this is concentrated around central Vancouver, not being placed around smaller towns or something stupid like that.
Most proposals only amount to 10% those numbers, and 10 years is a realistic time scale as building homes takes time in the first place.