What Happened to the Money?

🏙️ Vancouver’s Empty Condos: What Happened to the Money? 💸

Vancouver’s skyline is full of shiny towers, but behind the glass, thousands of condos sat empty while affordability and homelessness worsened. The Empty Homes Tax (EHT) was supposed to help, but the reality is complicated. Here’s what really happened:

📅 Key Dates & Facts

• March 2016 — A report shows that 10,800 units (4.8% of all housing) were vacant in 2014, including 12.5% of condos/apartments 🏢❌.
• June 16, 2016 — Vancouver City Council recommends creating a “Residential Vacant” property class for taxation 📝💡.
• July 2016 — Christy Clark’s government supports the vacancy tax. Bill 28 is passed (July 28) and comes into force August 2 ⚖️🏠.
• Nov 16, 2016 — Council enacts the Empty Homes Tax: 1% of assessed value for properties unoccupied more than 180 days/year 💰🏢.

💰 Revenue & Allocation

From 2017–2023, the EHT generated $169.8 million. Sounds big, right? But in Vancouver’s housing market, it’s just a drop in the ocean 🌊. The money was allocated to:

• Land acquisition & Community Housing Incentive Program (CHIP): $15 million 🏡
• Delivery of affordable housing projects: $3.7 million 🏘️
• New initiatives & capital programs: $8.7 million 💡

📉 Reality Check

Even with the EHT, the human cost remains huge. Thousands of condos sit empty while **homelessness grows**, rents skyrocket, and working families struggle 😔🏘️. The tax reduced vacant units by ~58% since 2017, but the **funds raised are far from enough** to build enough affordable homes to solve the crisis. The pandemic only made things worse, stalling projects and shifting priorities 🦠💥.

✨ Stay Tuned

This is just the beginning. Starting November stay tuned for a 5-part series dives into the full saga — from political spin and dirty money to the human stories behind Vancouver’s empty condos. 🏢🔎📖 Get ready to uncover the truth and maybe even a few cheeky solutions… like tiny houses with bike lanes in front of Chip Wilson’s mansion 🚲🏠😉.