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> In New York City, 46 percent of a typical home’s value is just the cost of the land it’s built on. In San Francisco its 52 percent; in Los Angeles, 61 percent
by debacle 3y ago
> In New York City, 46 percent of a typical home’s value is just the cost of the land it’s built on. In San Francisco its 52 percent; in Los Angeles, 61 percent.
In my neighborhood, it's <10%...
> Similarly, on planet Earth at least, occupying space necessarily implies occupying land.
> The problem with the right to land is that it’s all been taken.
> Economists call this “rent seeking,” and most of us call it “immoral.”
This feels like it was written by a passionate 11th grader.
- engineer_22 3y agoRent seeking is a real and cogent issue. The morality isn't in the rent seeking, but in the rules around it. Taxless inheritance and corporate perpetuities may be part of the increasing financialization of the housing market. Free COVID money handed out to stabilize the equities markets might be another part.
- maxlamb 3y ago| This feels like it was written by a passionate 11th grader. So it’s not possible for a passionate 11th grader to be correct even once?
- chmod775 3y ago> This feels like it was written by a passionate 11th grader. Open-eyed, honest, idealistic, and yet to be corrupted by reality? I'll take an idealist with strong morals over most things.