The Vancouver City Council voted to keep the annual empty homes tax at 3% of a home's assessed value, instead of increasing it to 5% as previously proposed. The tax was introduced in 2017 and has raised approximately $115 million over five years, which has been used for various affordable housing initiatives. Various exemptions have been proposed in order to address complaints that the tax unfairly targets some people. Additionally, council passed an exemption for new developments until they are sold to buyers, in order to make it easier for Vancouver to meet its housing supply goals.