city land values rise over time due to community efforts and public investment benefiting landowners without their effort
imaging you bought your home 50 years ago in SF
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your home is worth much more now
not because of anything you did
it’s the result of the efforts of all those who contributed to making SF richer. including (of course) the public at large through their taxes
taxing land rent is crucial as credit fuels land ownership, turning rents into unproductive debt and risky bubbles
