I’m probably biased against the idea and so I’ve not given it much thought.
I owned a place and lived in an expensive part of London and over 10-15 years, through normal gentrification, I saw the centre of the city become far less fun as communities were pushed out due to rising prices. Everyone nearby had to be in a specific socioeconomic bracket to be there, which made it a bit, meh.
I’d be worried a land tax wouldn’t be progressive and so whilst it might be an economically efficient to force highest $value use, that might push out character businesses. That happened in London as well. Chain coffee shops everywhere, no sense of community or neighbourhood. No families etc.
It might be tweakable but the reason I’m also biased towards social housing is that’s what existed in the UK and it was only after that got privatised that housing became an issue / an asset class
I owned a place and lived in an expensive part of London and over 10-15 years, through normal gentrification, I saw the centre of the city become far less fun as communities were pushed out due to rising prices. Everyone nearby had to be in a specific socioeconomic bracket to be there, which made it a bit, meh.
I’d be worried a land tax wouldn’t be progressive and so whilst it might be an economically efficient to force highest $value use, that might push out character businesses. That happened in London as well. Chain coffee shops everywhere, no sense of community or neighbourhood. No families etc.
It might be tweakable but the reason I’m also biased towards social housing is that’s what existed in the UK and it was only after that got privatised that housing became an issue / an asset class