Quote:
Originally Posted by Slava
^ you do realise that people pay property taxes for a lot of reasons, and being bailed out isn't high on that list (most of the time)? Its pretty hard to suggest that because someone pays taxes they can expect a bailout.
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You're being a touch too close minded. Its actually really easy to suggest "bailouts" that because a significant portion of taxes you pay to the federal or provincial government are exactly for transfers. Which is what this is. Not a bailout; its a wealth transfer via natural disaster assistance.
Look at our various policies. They're all transfers. Its no different than EI, Welfare, OAS, GIC or any other government transfer. If you lose your job, you get EI. If you are old and poor, you get GIC. If you are middle class and poor, you get OAS. If you get sick, you get medical coverage. If you have kids, they get free schooling. If you want to go to university, its heavily subsidized. If your home gets hit by a natural disaster, you get disaster relief and assistance. Who pays for all these programs? Taxpayers. Who are we all? Taxpayers.
So, there is a policy in place for disaster relief.
If your property is built in an area where the government has given you permission to build, you will be provided assistance in the event of natural disasters. Short of buying out property at FAIR MARKET VALUE, if the government gave you title, and you pay taxes, you should be covered. Thats the promise they made when they gave out the title. That promise is grandfathered until they buy you out. Reneging on a promise like that is not acceptable, and may even be unlawful. And the government will likely be advised by lawyers of this.
And, the homes along the elbow pay significantly more taxes than homes in the suburbs. 5x as much per year. Over a 100yr period, a river home pays 1.5mln in taxes vs 300k in the burbs. If a 1 in 100yr flood means they get a bit 2-3 years of taxes paid back to them, I honestly don't see what the big deal is. And niether will the government.
Here is what will happen: Community upgrades to flood prevention infrasturcture, buyouts of cheap real estate in high risk areas, coverage for everyone else.