A/HRC/37/53
strategies are identified in the Special Rapporteur’s report on the “financialization of
housing”.35
80.
Additional tax revenues derived from the elimination of tax loopholes and from
more progressive taxes on the wealthy should be retrieved for the production of affordable
housing, subsidies for low-income households, the creation of land banks and other
resources to support housing strategies.
81.
In many States, homeowners are given preferential tax treatment in comparison to
renters, contributing to growing socioeconomic disparities. Strategies should review and
address such disparities.
82.
Tax systems should adopt measures to ameliorate systemic patterns of
discrimination, such as by providing tax incentives to women to register as owners of land
or housing in societies where title is usually accorded to men.
83.
Housing strategies should be integrated with measures to combat corruption and
ensure rigorous oversight of public-private partnerships and contracts for housing
production and management.
84.
The establishment or expansion of large multinational corporations, particularly
technology industries, in cities or neighbourhoods can put excessive pressure and demands
on existing housing markets. Mechanisms should be explored to ensure that these
businesses contribute resources to assist in meeting heightened housing demand.
In practice
85.
In Kenya, where participation in public financial management is included in the
Constitution, participatory budgeting is being tested to implement the provision. The initial
results indicate greater participation, particularly by women, and budget allocations have
shifted to a focus on upgrading facilities rather than flagship projects.36
86.
Singapore has been more successful than other States in controlling financialization.
It imposes an 18 per cent property sales tax and an additional buyer stamp duty on wealthy
property owners and investors, with revenues used to subsidize homeownership of lowincome individuals.37
87.
In Vancouver, Canada, a housing strategy has been introduced that includes a tax on
vacant housing, differential property tax on luxury residential housing, a “flipping” tax, a
speculation tax, restrictions on property ownership by non-permanent residents and
measures to recoup increased real estate values resulting from rezoning. 38
88.
In Taiwan Province of China, residential property owners are taxed 15 per cent on
the sale price of their property if they sell it within one year of purchase and 10 per cent if
sold within two years. In New Zealand, the Government’s ‘bright-line test’ requires people
selling a rental house bought less than two years before it is sold, to pay income tax on any
sale profit.39
F.
Principle 6: human rights-based goals and timelines
89.
Rigorous human rights-based goals and timelines are required to ensure that housing
strategies move as expeditiously as possible toward the goal of adequate housing for all and
35
36
37
38
39
A/HRC/34/51.
See http://blogs.worldbank.org/governance/citizen-engagement-kenya-law-practice.
See Sock-Yong Phang and Matthias Helbie, “Housing policies in Singapore”, Asian Development
Bank Institute Working Paper No. 559 (Tokyo, 2016). Available from
www.adb.org/sites/default/files/publication/181599/adbi-wp559.pdf.
See http://council.vancouver.ca/20171128/documents/rr1appendixa.pdf.1.
See http://www.ird.govt.nz/technical-tax/legislation/2015/2015-111/leg-2015-111-ta-bright-line.html.
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