Realistically only an issue in places like Singapore or Hong Kong. The scarce asset is not actually land but infrastructure such as roads, water, sewage and el

Realistically only an issue in places like Singapore or Hong Kong. The scarce asset is not actually land but infrastructure such as roads, water, sewage and electricity. These are usually financed publicly, but the increase in land value usually befalls the lucky house owners. Here is one of the justifications for property tax.