> But then, the price of raw unimproved land basically tracks inflation, indicating a competitive market. This is true looking at all land, as recent articles

> But then, the price of raw unimproved land basically tracks inflation, indicating a competitive market. This is true looking at all land, as recent articles by Robert Shiller indicate[0], but especially valuable land has outstripped inflation by many, many times-- in the Bay Area, for instance, land value has increased by a factor of 10X in recent decades (or significantly more, depending upon neighborhood). The only thing that keeps land in check is the ability for land to sprawl out into previously marginal land, and our ability to commute from where we are sprawling to is reaching a breaking point. (I know people commuting from Tracy to SF, which is hell.) [0] http://www.nytimes.com/2016/07/17/upshot/why-land-may-not-be-the-smartest-place-to-put-your-nest-egg.html?smid=tw-share http://www.nytimes.com/2016/07/17/upshot/why-land-may-not-be...