It is the oldest rule in the property investor’s playbook: location, location, location. Savvy speculators know that it is far more profitable to direct your dollars to a townhouse in a thriving city than to a mansion in the rust belt. It’s also why decaying shacks
A very well written and constructed essay. Thank you. I will share it widely.
Just a heads up, in the months since this article was posted someone apparently bought the shack and redeveloped it, so it now looks like a nice property (which ultimately reinforces your point, but it's a bit confusing at first click). For posterity's sake might be smart to use archive.org to go back in time to the date this article was written and find a snapshot of the listing at that time.
Stephen, this is a great summation of why Georgism and an LVT just makes sense. Humanity had a choice in the late 19th Century, the Georgist route, or the "business as usual route." We chose the wrong path.
The challenge we face now, after over a century of industrialization, is how do we get back on the correct path? We have over a century of political, societal, economic, and infrastructure that is built in an un-Georgist way. These vested interests make change all but impossible.
You are helping to educate people to make that change, and this is important. At The Lianeon Project, we are studying Progress and proposing policy changes that get us back on the right path. Many of these proposals are inspired by Georgism. I am going to add Progress and Poverty to our reading list. I hope you will do the same, and I look forward to cooperating in the future. Let's get more people interested in Henry George.
Stephen, this is an excellent article. It beautifully explains the source of land values which is something I think about a lot. I have a question: what are the other ways to "return land rents to the public"?
The more I think about this, the more I get interested in some way to simply bypass a tax altogether and hold land in common among residents of a city. Almost like a corporation, would it have the same effect as an LVT if members of the city held an economic interest in the city as a whole and then perhaps (similar to Singapore) utilized some long-term ground lease system for private development? Direct ownership like this wouldn't have been technologically possible in Henry George's days, but we might be getting close to it today. The residents then see the value creation of the agglomeration effects they create directly in the appreciation of their equity ownership in the city.
Anyway, loved the article and would love to know your thoughts! Joel
Stephen, I will add you to the listing in the Biographical History of the Georgist Movement section of the School of Cooperative Individualism website, with a copy of your essay. I will post any background information you care to provide via email (firstname.lastname@example.org). Ed Dodson