Land Value Tax

An idea that is coming of age?

About 15 years ago here on IST, I wrote about the idea of Land Value taxation…..not much of an interest in those dark days…..but I still thought it was an excellent idea then as I do now.

But let my post explain what LVT is all about….

Land Value Taxation–An Answer To The Problem

Then there was this post as well….

Ever Hear Of Land Value Taxation?

Rent in my area is out of sight…..a one bedroom apartment can go for as much as $900….a friend of mine lives in a pretty good area and rents his 3 bedroom house for $1000 a month his land lord just dropped a bomb in his lap….his rent next month will go up to $1400 a month….like I said a nice area but not that damn nice.

Is their a cure for these astronomical rising rents?

Why yes there is.

Cities and towns across America are dealing with either an abundance of underused land or a shortage of housing — or both.

Economists and policymakers are increasingly promoting a relatively simple policy that could go a long way to addressing both of these crises, simultaneously bringing housing costs down in the most expensive places and boosting investments in struggling communities.

It all started in 1879 when the American political economist Henry George published a bestselling book: “Progress and Poverty.” The opus, decrying industrial capitalism and the oppression of the working class, made George a popular hero and, eventually, spawned a whole school of thought called Georgism.

The ideology is centered on the idea that natural resources should be shared by everybody, rather than monopolized by the wealthy elite. Fast-forward nearly 150 years, and a Georgist proposal — land-value taxation — is being promoted by urbanists and pro-development advocates as a solution to the housing affordability crisis and much more.

The idea is to tax landowners annually based on the value of their land and reduce or eliminate taxes on any developments made to it, such as apartments, office buildings, or retails stores.

The principle is: “tax what you take out of the natural world, not what you make,” said Stephen Hoskins, research director at Resource Justice and a self-described Georgist.

https://www.businessinsider.com/real-estate-costs-lower-rents-housing-prices-land-value-tax-2023-11

Yes it is a great idea and people like me have been writing that for well over 50 years.  It was a great idea in 1879 and it is an even greater idea today.

I you want answers to the problem of constantly rising rent then LVT is that answer and possibly an answer to other problems as well.

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“lego ergo scribo”