"What you can't do in Fairhope is buy land and wait for it to become more valuable. You cannot get a capital gain out of owning land there. So no one can become

"What you can't do in Fairhope is buy land and wait for it to become more valuable. You cannot get a capital gain out of owning land there. So no one can become rich by owning land." Couldn't you ? I have no idea if this is workable in Fairhope, specifically, but ... if this is the main feature of a land tax regime, it seems like you could fairly easily game this ... You gain control of the land (either through purchase or 99 year lease or whatever) and then you create an option to buy (or option to assign lessee) that is transferable to a third party and then you can camp on that appreciating "asset" just like people now do with the land itself. I'm sorry if it's a bit imprecise or hand-wavy, but you get the idea - you only need to create a derivative of the property (which should be trivially easy) in order to work around the inability to sit on appreciating land. Am I mistaken ? Am I missing something ?