As New York City considers implementing a tax on vacant second homes, cities that have already taken the plunge offer valuable lessons. In a bid to address the issue of empty properties, several municipalities have introduced so-called "vacancy taxes" or "unoccupied property taxes." These taxes are designed to incentivize homeowners to rent out or sell their second homes, thereby reducing the number of vacant properties that contribute to urban blight and drive up housing costs for locals. But how effective have these taxes been in cities like Vancouver, Canada, and Barcelona, Spain?
New York wants to tax empty second homes. Here's what happened in cities that tried it. Business Insider Africa
