2% sounds small but it isn't over time. Compare to our own investments where we really care about 1% (or commercial investments/funds where 0.1% matters) Paul

2% sounds small but it isn't over time. Compare to our own investments where we really care about 1% (or commercial investments/funds where 0.1% matters) Paul Graham writes about the illusion here: https://paulgraham.com/wtax.html https://paulgraham.com/wtax.html (wealth taxes and land taxes have close similarities). Maybe needs more attention to inflation or capital gains. Discuss here: https://news.ycombinator.com/item?id=43357851 https://news.ycombinator.com/item?id=43357851 The argument about empty land remaining undeveloped seems rather vacuous when you think that empty land already has a holding cost [either (1) mortgage interest or (2) opportunity cost ≈investment_market_beta]. And city property taxes in New Zealand are low percent already. Land ownership is zero sum so that makes it wildly different from equity (although many people think of capital as zero sum too).