The Palo Alto City Council is exploring the implementation of a tax on vacant homes to generate funds for affordable housing projects. Councilman Greer Stone referenced Berkeley's strategy, where owners face significant taxes for property vacancies, which could potentially generate millions in revenue for Palo Alto. Council members support the tax as a way to discourage empty homes and channel resources to housing needs. As current affordable housing funds dwindle, the urgency to meet state mandates for housing has grown, pushing officials to consider various funding avenues, including bonds.
Councilman Greer Stone highlighted that taxing vacant homes could help increase housing stock, citing Berkeley's approach where owners face penalties for unoccupied properties.
Councilman Keith Reckdahl suggested using any potential tax revenues for affordable housing, framing it as a win-win scenario, regardless of the tax's immediate success.
Mayor Ed Lauing emphasized the need for an additional bond measure alongside discussions of a vacancy tax, showcasing the city's ongoing commitment to affordable housing.
Councilman Pat Burt noted the urgency of addressing the state's mandate for affordable housing, stating that current projects are significant yet still woefully inadequate.
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