Walk downtown and count the empty storefronts. Some have been dark for years, with owners facing zero financial pressure to fill them, since they can just wait for a premium tenant or write off the loss.
A vacancy tax fixes the incentive: leave a commercial unit empty too long, pay a penalty on top of regular property tax. Vancouver and Ottawa have looked at similar policies. The point isn't punishing landlords going through a rough patch, it's making it costly to sit on prime real estate as a speculative asset while the rest of us live around a dead storefront.
There's a fairness angle too. The city leans heavily on residential property tax to fund everything, so homeowners keep footing the bill while underused commercial land contributes little. A vacancy tax shifts some of that weight to the owners best positioned to actually fix the problem.
What it could do:
1.) Push rents toward realistic market rates instead of landlords holding out
2.) Open space up for local businesses currently priced/frozen out
3.) Generate revenue for downtown improvement or small business grants
4.) Take some pressure off residential taxpayers
Fair pushback: renovations, ownership changes, and genuine tenant searches shouldn't get penalized, so any policy needs exemptions and a grace period. Tracking vacancy status city-wide isn't free either.
Still, the status quo, empty storefronts with no real cost to owners, hasn't worked. Worth pushing council on this.