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I would argue land is fundamentally different from other commodities. 1) It's essential for basic survival. Humans can't live in the sea. 2) You can't make mo
by Victerius 5y ago
I would argue land is fundamentally different from other commodities.
1) It's essential for basic survival. Humans can't live in the sea.
2) You can't make more of it. Land that exists was created millions of years ago by powerful, continental scale geological processes. We can't create a new continent.
If a greedy individual buys all the toilet paper in a store, I can shop at another store, or order from anywhere in the country, or even overseas if needed. And someone can always decide to create a new company to make toilet paper and undercut the hoarder, though it might not resolve the short logistical problem.
Overall, I think one of the least bad solutions is to centralize zoning powers in a national government, weaken zoning as much as possible, and let the free market do its thing. For example, don't let someone build a chemical plant next to a residential area, but allow developers to build any residential housing they want, without interference from local owners. If a property developer wants to erect a condominium tower in the middle of a suburb full of 1-2 stories single family homes, they should be allowed to. Even if it depresses local home values. Even if it brings more traffic. Even if it blocks the view. Even if it compromises the "character" of the neighborhood (which is almost always code for white and well off). And, yes, it's a denial of local democracy, but it's the right thing to do.
- kiba 5y ago2) You can't make more of it. Land that exists was created millions of years ago by powerful, continental scale geological processes. We can't create a new continent. Supposed we could. It doesn't seem it would lower the value of New York City, at least at first.
- jeffbee 5y agoOf course not. Land is not only not like other commodities, it is not a commodity at all. It meets none of the aspects of the definition of commodity. Each piece of land is a completely unique and highly differentiated thing, unlike each piece of gravel or each piece of corn, which are all interchangeable.
- manwe150 5y agoThe country of the Netherlands also might like to disagree with this
- dehrmann 5y agoAnd for some uses, building up effectively makes more land.
- Nbox9 5y agoHow much land devoted to agriculture/mining/manufacturing/power/landfill is required outside of the city to support New York City? Sure, it wouldn’t move the needle on condo rent but land scarcity effects everyone.