Saturday, April 17, 2004
Metroactive Features | Housing Crisis:
"[Henry]George postulated that what gave the land its value was the community itself. Was it not the very proximity to existing businesses and consumers that accounted for the astronomical prices being paid for land? Therefore, that value should be returned to the community, via a direct tax on land. The value of the land would relate directly to its productive capacity. The higher the productivity, the higher the tax. Landowners who chose to hold productive property off the market in hopes of capitalizing on future price increases would be forced to sell or face paying the tax, thereby making speculation impossible. "
"[Henry]George postulated that what gave the land its value was the community itself. Was it not the very proximity to existing businesses and consumers that accounted for the astronomical prices being paid for land? Therefore, that value should be returned to the community, via a direct tax on land. The value of the land would relate directly to its productive capacity. The higher the productivity, the higher the tax. Landowners who chose to hold productive property off the market in hopes of capitalizing on future price increases would be forced to sell or face paying the tax, thereby making speculation impossible. "
