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Something like a Vacancy Tax would be helpful in insuring that more housing is available, it would do little to create more home ownership because the land itself is expensive even if nothing is on it.
I see this as smart use of land. Instead of another Big Box store and sprawling parking lot the city gets the store and 800 more apartments in the same footprint.
Sounds wonderful, and living in Comox Valley all easily accessible. Heck I can pick wild berries and cook bannock in my back yard.
I will never be a native in either sense of the word, but I do love this place. Its beauty blows my mind nearly every day.