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> all have a problem of gentrification and rising prices for housing We use prices to ration access to scarce resources. Why should housing in the center of a

• zozbot234 7y ago
  Good question. For that matter, why should high-value housing in the center of a desirable city enrich a bunch of private landowners, and not the surrounding community which creates that value in the first place?
  • seanmcdirmid 7y ago
    Property tax is supposed to capture public good usage.
    • quotemstr 7y ago
      Which is why proposition 13 is such a wicked law: it insulates property owners from the downsides of increases in property values while giving them all the upsides. It takes skin out of the game.
  • mixedCase 7y ago
    > why should high-value housing in the center of a desirable city enrich a bunch of private landowners Because they bought low-property housing from the entity who previously owned it without a guarantee that the demand was going to be there and then demand grew. Risk meet reward. Are you suggesting to violate property rights because you did not have the foresight, luck and/or the resources to make the same investment?
    • coldtea 7y ago
      >Because they bought low-property housing from the entity who previously owned it without a guarantee that the demand was going to be there and then demand grew. Risk meet reward. Risk? More often than not, they engineer the growing of demand, help throw out old tenants (even with thuggish methods), select new tenants to drive up values (e.g. with redlining), use connections in the city government to develop specifically the areas they bought or intent to buy, and so on...