That's the benefit of owning land. I own my house. I doubt the building appreciates. Its nominal value will go up, sure. But I also have to pump money into

That's the benefit of owning land. I own my house. I doubt the building appreciates. Its nominal value will go up, sure. But I also have to pump money into it. Stuff continually breaks and rots. Appliances need to be replaced. Carpet gets filthy. Gutters need cleaning. Plumbing breaks. The list goes on and on and on. After all of that, I'd be stunned if I break even on the building. No, the great part is the land. That's how I capture the value of others' investments. If the government improves the nearby highway, my land value increases. If new jobs locate nearby, my land value increases. More nearby population, more shopping, better schools, more parks? All make my land worth more. The trick is I didn't have to spend money on any of those things--maybe my taxes paid for a small portion of some of them. Is this fair? Well, I suppose property taxes are part of the answer to this. I gain value, so I have to chip in more. There's the risk, too. Maybe the government doesn't invest much, all the jobs leave, and my land loses value. Much to the consternation of many people there, I just point to the usual example: Detroit.