Homeowners in Toronto make a big profit when they sell. Where does this value come from?
It comes directly from the culture, services, and vitality of our neighbourhood. Indigenous people, community organizers, local businesses, newcomers, tenants, publicly funded infrastructure, and ecosystems all create value that makes a neighbourhood desirable. Yet owners pocket this value, even though they haven’t earned it. This profit is called the “unearned increment” and it should be taxed and reinvested locally.
Toronto needs to channel real estate profits back into the communities that created them. A gentrification tax would levy the increase in a property’s value and be returned directly to fund locally managed, deeply affordable housing.
Join the campaign for a Gentrification Tax. Support the campaign for a municipal tax to fund locally managed, deeply affordable housing.
Pay the Gentrification Tax now. Commit to a more equitable city: pay a voluntary Gentrification Tax directly to your local Community Land Trust (CLT).
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