Thank you for the explanation! I am still not sure I believe that what you predict would happen to a large degree in the Bay Area. I agree a land tax would pu

Thank you for the explanation! I am still not sure I believe that what you predict would happen to a large degree in the Bay Area. I agree a land tax would push the owners of vacant lots to develop them. But, the NIBMY owners of single family homes will still fight against the building of new apartment complexes and try to constrain housing supply (to prop up their property values). I certainly would hope that more apartments would be built though!