this post was submitted on 26 Jul 2023
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It’s actually no one’s fault per se that useful land is more expensive. After 2008 there was a major lack of investment into housing that reared its ugly head around 2019. COVID amplified the existing problems making it harder to build and get materials, and created soaring inflation.
There are things we can do now such as change zoning and make permit times faster but it’s going to take a while even in a best case scenario to move the housing stock and commercial real estate supply to where it needs to be.
I think a land value tax would speed up the process of building more houses, and would make housing denser because owners of the land would be incentivised to build as many houses as possible to not loose money to the land value tax.