It's the variance, not the expected value. Development is work. Paying for it is risk. Easier to just bank land and watch your equity grow (tax free). https:/

It's the variance, not the expected value. Development is work. Paying for it is risk. Easier to just bank land and watch your equity grow (tax free). https://www.jstor.org/stable/3146986 https://www.jstor.org/stable/3146986