Hamilton City Council has approved a one percent vacant unit tax (VUT), which will take effect in January 2024. The tax aims to discourage vacant properties and free up an estimated 1,000 empty units for rentals. The city will reach out to other municipalities that have implemented VUT programs, such as Toronto, Vancouver, and Ottawa, to learn from their experiences and avoid any implementation issues. While the tax is not intended to generate revenue for the city, annual updates will allow for rate changes.