It produces a very different dynamic overall as in almost every cases nearby lots have different owners. This means that it is very expensive to own a piece of

It produces a very different dynamic overall as in almost every cases nearby lots have different owners. This means that it is very expensive to own a piece of land in manhattan and do nothing with it while you just wait for the price to raise, while it is significantly cheaper to start new developments in "less desirable" parts of town. I agree with you that a 4 paragraph explanation is not a good practical tax policy, but overall georgism creates better incentives than property taxes. > What happened to the concept of "if you buy a piece of land and build value on it you should not be punished"? Yep, it is not perfect, or at the very least the way I understand it has some holes, I still think it is more fair than what we have now and less exploitable.