Ups and Downs: Land Values in New York City

Taxing land values (LVT) is supposed to make the earth accessible to all. Big idea. Real world, what does that mean?

Well, it means that in the richest city of all, some people can't get housing without government stepping in (actually, stomping in). Land values are so high, they require high-end condos, with high-end price tags. In addition to building taxes, there are the unofficial taxes of high construction costs due to the mob, official corruption by assessors, and the mind-bending permit and inspection process. and passing laws that require cheap housing, as a set aside.

Of course, most of THIS government action (fixing an exemption program to include affordable housing) has been jimmied into the body politic to redress the distortions cause by THAT government action. "So it goes", as Kurt Vonnegut as always hiccoughs

Example: The heap big New York Sun real estate writer tells us that land values are set to take a tumble in 2007. In itself, not a surprise but the peculiar institution that is New York City has a lot to do with it.

Everyday, I bless the fact that believing in the economics of land rent liberates me from belonging to the camps (or gulags) of damnable redistributionists or contemptible rent-seeking pirates.