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There's no such thing as a "fair price". There's just what people are or aren't willing to pay.
by sullyj3 8y ago
There's no such thing as a "fair price". There's just what people are or aren't willing to pay.
- deleted 8y ago[deleted]
- scarejunba 8y agoFor others reading, the appropriate concepts are economic rent and rent seeking. The model espoused above (what people will pay) captures too few behaviours to be useful on its own in this situation. Certainly, the question of whether property taxes should be capped and whether governments should allow more buildings to be built requires tools beyond “the value is the current bid price”.