>A land value tax would also put the onerous cost on citizens nearby and make rents and property cost even more.
It would drag down property values because making owning something a liability strangely enough makes people want to own it less.
Rents would probably go down as land that was previously hoarded unproductively would hit the market.
Added to which city budgets would start overflowing with money which could be used to build additional housing for low income renters on land that has been yielded by hoarders.
Land owners - especially people with generations of wealth - would go nuts, since their license to tax people for using their land will have been revoked.
It would drag down property values because making owning something a liability strangely enough makes people want to own it less.
Rents would probably go down as land that was previously hoarded unproductively would hit the market.
Added to which city budgets would start overflowing with money which could be used to build additional housing for low income renters on land that has been yielded by hoarders.
Land owners - especially people with generations of wealth - would go nuts, since their license to tax people for using their land will have been revoked.