Vacancy Tax - Hong Kong

[nivek2046]

UK's vacant tax seems sensible:

Council Tax on Empty Properties (UK):

• Properties that are empty for two years or more may be subjected to an "empty homes premium" that significantly increases the Council Tax charge. As of now, this premium can be:
  
  • 100% extra for homes empty for at least two years,
  • 200% for those empty for five years or more, and
  • 300% for properties empty for ten years or more​.
  
  
• Impacts: These policies are part of broader efforts to mitigate the effects of property vacancy on communities, reduce housing shortages, and ensure optimal use of housing stock. Councils have significant autonomy in determining the rate of discount or premium applied, making the tax impact highly localized.

https://www.gov.uk/council-tax/secon...%20your%20work

Canada and Australia's regimes are also worth considering.

https://www.letsgethome.com/en/blog/...a-australia-88


Hong Kong can start with retail and commerical units first.

[aw451]

with lower rents,

(6) more companies will set up regional headquarters in Hong Kong

(7) more Top Talents / Quality Migrants will join

(8) Average Waiting Time for Public Rental Housing (PRH) will go down

(9) there will be less PRH tenancy abuses

Honestly, HK needs to cut the Top Talent and Quality Migrant schemes. They are ironically lowering the quality of the talent pool and just creating low commitment HK residents.

These schemes exist to replace the population and thus keep property prices high, nothing else.

[hullexile]

UK's vacant tax seems sensible:

Council Tax on Empty Properties (UK):

• Properties that are empty for two years or more may be subjected to an "empty homes premium" that significantly increases the Council Tax charge. As of now, this premium can be:
  
  • 100% extra for homes empty for at least two years,
  • 200% for those empty for five years or more, and
  • 300% for properties empty for ten years or more​.
  
  
• Impacts: These policies are part of broader efforts to mitigate the effects of property vacancy on communities, reduce housing shortages, and ensure optimal use of housing stock. Councils have significant autonomy in determining the rate of discount or premium applied, making the tax impact highly localized.

https://www.gov.uk/council-tax/secon...%20your%20work

Canada and Australia's regimes are also worth considering.

https://www.letsgethome.com/en/blog/...a-australia-88


Hong Kong can start with retail and commerical units first.

And what has happened to rents in the UK since this was introduced?

[newhkpr]

These schemes exist to replace the population and thus keep property prices high, nothing else.

But isn't that exactly the plan? Hence the scheme is working as intended

[freeier]

the interesting way of doing would be what europe does, i think netheland and portugal and even germany all has these... if an apartment unit has been found left unoccupied for a long period of time, squatters are allowed to get into the unit and take possession of it for living in.

[hullexile]

the interesting way of doing would be what europe does, i think netheland and portugal and even germany all has these... if an apartment unit has been found left unoccupied for a long period of time, squatters are allowed to get into the unit and take possession of it for living in.

Seems a good idea but not sure what the neighbours would think

[shri]

Seems a good idea but not sure what the neighbours would think

I would have several reminders which would allow me to squat 30 seconds after the deadline...

[aw451]

But isn't that exactly the plan? Hence the scheme is working as intended

I probably misinterpreted OP's intention since vacancy taxes are usually to discourage hoarding rather than to raise revenue