this post was submitted on 02 Jan 2024
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I mean I get both sides here. We live in a free market economy, where the scarcity of something affects the cost of it. People want land close to the city and there's an extremely limited amount of it. If there are n*100 people and only n parcels of land in a small area, how do you provide it to people? Do you sell it? Is it a lottery system? Is the land sold at a base value that never changes? Like, how do you envision this going?
Right now, people have to freedom to buy as much land as they want and set the pricing for that land. What we need is a property owner tax that scales up depending on the amount of property that you own. Though this will just make more land available. No one in their right mind will sell it for less than it's worth though.
If parcel A has a property value of X
And parcel B has a property value of 2X
Then you can have the same rent on both of them if building B is twice as tall as building A.
The whole "single family residential only" zoning in the US is the issue.