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Land value taxes work by “capturing”, or taxing, part of the windfall acquired through zoning changes, infrastructure improvements, and other local areas enhancements. OneCity proposes a two-fold approach to Windfall Power, our made-in-Vancouver land value tax.

First, the City of Vancouver, in collaboration with TransLink, has the power to apply a land value tax to areas impacted by transit improvements.

Once elected, the new city council should immediately work to create a land value taxation plan for areas around the Broadway Subway. Revenue could be earmarked to improve transit services and fund future transit projects.

Second, the City of Vancouver should work with the provincial government to create a made-in-Vancouver land value capture tax. This new system could replace much of the city’s reliance on Community Amenity Contribution contracts, providing greater clarity and transparency, and helping rebuild residents’ trust in how City Hall negotiates with developers.

There are a number of details that will need to be figured out with input from experts, including when and how the increase gets collected so that costs do not get downloaded onto renters. These details matter.

However, B.C. Assessment, our world-class provincial property assessment agency, already holds the data needed to effectively implement and administer this type of land value tax. The money raised should be directed toward providing social and affordable housing to support those struggling most under the housing crisis.