Housing Commission Explores Vacancy Tax
By Matt Adams
The San Diego Housing Commission asked staff to look into the viability of a ‘Vacancy Tax’ as another means to address the housing crisis. The Friday afternoon tax discussion focused on units vacant for six months or more. The tax would be directed at investment properties, second homes and short term vacation rentals. It is still in the what-if stage with staff asked simply to look into the legalities and local vacancy rates before going forward. Despite housing being the preeminent issue for state and local policymakers, San Diego housing production has collapsed in the first quarter of 2019 compared to the same period last year. Overall housing is off by a staggering 73% with multifamily faring even worse. The much sought after product type is down 83% so far this year. If the trend continues San Diego County will produce less than 5,000 homes this year.