Airbnb tax payments do not compensate for short-term rentals’ harmful impact on B.C. housing market, experts say

This translation has been automatically generated and has not been verified for accuracy.British Columbia’s rental housing crisis goes far beyond factoring the impact of short-term rentals, say housing experts who say more building is needed to help families find affordable homes.

The Finance Ministry estimated last year that an Airbnb tax agreement would generate $16 million, but this year’s provincial return is more than double the forecast. The City of Vancouver said Thursday its efforts to regulate short-term rental units and bring back more long-term rental options are working because the number of long-term rental business licences have increased since the introduction of regulations for short-term rentals.Brian Clifford, policy manager at the B.C. Non Profit Housing Association, said short-term rentals are just one part of an affordability crisis that escalated after decades of underfunding of housing initiatives.

Clifford said 21 per cent of B.C. renters spend more than half of their income on rent and utilities, while the Canadian average is 18 per cent.

i don't believe airbnb is the issue here, or tougher legislation the solution for the local housing market. people just trying to benefit from their assets.

cblackst Probably because Airbnb isn't the only platform for short term rentals.

Bugger off with your bullsh*t taxes. Taxes are not designed to cover the cost of anything. They are just a way for government to fill their voracious appetites for more of our dollars. Bugger off again. cdnpoli

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Calgary housing market sees a shift to rentalDevelopers are deciding to convert buildings from condo ownership to rental either before construction has begun or after construction has started We rent in Montreal. In our apartment for 9 years now. Instead of buying, we invest the equivalent of a house payment each and every month. Currently looking at buying a reasonably priced oceanfront home in NL for retirement. When the economy tanks you have to sell your house, then realestate agents buy them up and rent them out. Thanks liberal_party
Source: globeandmail - 🏆 5. / 92 Read more »