People in Toronto are asking the City to adopt a new tax on real estate profits

Community organizations in Toronto are proposing a gentrification tax to prevent homeowners from profiting off the increased value of their properties. The tax would be higher for short-term owners and decrease the longer a person remains a local resident. The funds collected would be used to address affordable housing issues in the neighborhood. The tax could bring in billions of dollars annually and help curb the commodification of the housing market. Some argue that existing levies should be better utilized instead of implementing new taxes.