I feel like land is such a good example of the destructive powers of a good with a heavily deflationary value (deflationary due to policies and not by nature).

I feel like land is such a good example of the destructive powers of a good with a heavily deflationary value (deflationary due to policies and not by nature). It just leads to hoarding and benefits the early buyers, while at the same time hindering innovation because people who can make better use of the land cannot afford it. Land use regulations are probably one of the biggest blunders in modern capitalist economies. And the worst of it: The problem is not even visible to a lot of people: Very restrictive building codes in European city centers are rarely ever questioned - this wouldn't be of much concern if we talked about single digits km^2, but usually they affect huge districts. Incidentally land ownership was for many historically despised "capitalists" the goto way of acquiring wealth: If you have an emerging company which requires lots of labour, the best investment you can make is building company housing for your employees, that way a part of the salary you pay ends up right back in your pocket. All you have to do then is lobby for restrictive building regulations and your family's wealth and estate is secured for centuries to come.