Vancouver's Vacancy Tax how long is it going to stick around?

As we all know that the city has approved the new VACANCY TAX. Every owner of residential property will have to make a property status declaration for the 2017 calendar year. My question is what is going to happen to all those homes which were bought as vacation homes? Are these home owners going to keep paying the 1% tax each year or pack up and go elsewhere? Why are we shutting out all these investors? Being a fast growing beautiful metropolitan city like Vancouver, are we telliing people that it's not a place to have a vacation home? Mayors in cities neighboring us aren't imposing this tax.. someone is thinking right! My gut feel is that it will be thrown out over time. Hopefully it won't take too long. 

 

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