"Higher rates of tax for owners and buyers seem to be the preferred choice. In Vancouver, where an estimated 20,000 properties were lying empty all or much of the year, a new tax on empty homes was introduced at the start of this year. The city is now charging 1% of the value of any property left empty for at least six months a year. Owners must declare that this is the case, or face fines of up to $10,000 a day if they do not and are found out. On a property worth £500,000 the annual bill is £5,000 and as the property rises in value, so does the penalty for leaving it unused.
In the days running up to the first taxes kicking in, six months into the year, local media reported that homeowners were caught in a “scramble to rent”, or considering selling up to avoid the tax. The response suggests that the threat of taxation was having the desired effect."
It worked in Vancouver.