Land is not scarce at all. Its virtually unlimited. You can find and buy land for dirt cheap, sometimes even free. The value of land is proportional to the inc

Land is not scarce at all. Its virtually unlimited. You can find and buy land for dirt cheap, sometimes even free. The value of land is proportional to the income you can get from using it, so the forces that regulate land value and rent are irrelevant to the amount of land, but with what you can get from them. If tomorrow Auckland duplicated wages, rentals would skyrocket there, without changing demographics or land.