“Raise property taxes” says Nobel Prize economist

Joseph Stiglitz, the Nobel Prize-winning economist, says that Canada should increase property taxes in a bid to tackle inequality from rising house prices. In a recent interview in The Tyee he said that it is a progressive tax in which those with higher value homes would pay more than those with less valuable ones and the additional revenue could be used to help those on low incomes to live in the city. He warned of the dangers of foreign property investors pricing local people out of their cities, which in turn affects diversity.