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big state capacity's avatar

Excellent post.

Do you have more details on how these land leases would be distributed? In particular, if there is a current leaser who has the right to use the land, how does someone else acquire that lease? By persuading the current leaser? Or by persuading the city's land authority? I see potential problems either way.

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Isaiah Berg's avatar

"Ownership of those shares entitles you to a proportional slice of everything the Commonwealth City owns today (all the land within the city) and to a proportion of all future ground rents it collects."

I have always been interested in Georgism and LVTs for a few reasons. They align incentives for capital allocators in government. They have no deadweight loss vs other kinds of tax, and have a natural check on overreach if tax rates go too high. And in particular, they stop land from stealing from labor and capital; everyone benefits from the value that everyone creates together.

On this last point - "everyone" - would suggest to me that a corporate shareholder structure might get complicated.

Who is and is not an owner? How does one acquire shares? By paying for them, or by moving into the area, or both? Would shareholders be permitted to own shares in the Commonwealth City without living there?

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