There is a city which is suffering a worse property bubble than Sydney, whose residents are more priced-out than Londoners, and where there is a greater divide between the housing haves and have-nots than even San Francisco.
That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers – whose impact is now being watched closely by other cities grappling with bloated property markets. — theguardian.com
Related stories in the Archinect news:Mayor of London launches probe into the impact of foreign investment in city's real estateAnother case of "poor door" for proposed Vancouver high-riseCan Vancouver break out of its 'boring-architecture' mold with these new ambitious skyscraper
While architects and small firms would undoubtedly benefit from the income tax cuts and deduction, the sales tax on services is problematic for the architectural profession. If the tax plan is approved, architects may find themselves at a distinct disadvantage to out of state firms. — aia.org
The public handout will include a three-year holiday from the city's gross revenue taxes — a deal the city offers to relocating companies, and one that could save Gensler hundreds of thousands of dollars.
That would have been enough, you'd think, and hard to argue with. But city officials also paved the way for Gensler to receive a $1-million Community Development Block Grant, a federal program that historically has focused on stimulating economic growth and housing in low-income communities. — latimes.com
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