> Renting is considered a business. So, renting is not favored over other businesses in the tax code? Cool, then people will invest in renting to the extent th

> Renting is considered a business. So, renting is not favored over other businesses in the tax code? Cool, then people will invest in renting to the extent that they can make a better profit there relative to other business endeavors. This seems sane to me. >> Actual work has little risk. > So does waiting for prices to go up in a city. Have you ever watched NYC unilaterally and without warning do massive homeless shelter relocations into your neighborhood in the middle of a pandemic? Or noticed that sometimes there are chemical contaminants discovered under towns and the drinking water can be full of lead? Or seen the quality of the local public schools drop over time? Or read that hurricanes and earthquakes and riots sometimes level everything? There is risk in owning property. Sure, some of that risk can be offloaded to insurance. But witness half of Napa is trying to rebuild at the same time on account of widespread wildfires. The insurance only somewhat addresses systemic risk. Thank you for responding. I will read the introduction that you suggested. I will echo the peer responses that I don't see how one values abstract plots of land independent of their current usage. But I am content to watch that discussion unfold instead of continuing on that topic in this thread.