>if you can build lots of housing on the same surface area, the land would appreciate Optimally, however due to our property tax system, owners are taxed on an

>if you can build lots of housing on the same surface area, the land would appreciate Optimally, however due to our property tax system, owners are taxed on any improvements which increases investment risk and provides a strong disincentive. Furthermore the city makes it difficult to build higher and often requires concessions like low-income units along with higher-density improvements.