Rising Land Values
A rise in land values was the true bubble of the so-called housing bubble. Even after the crash in home prices, land values are high near the Atlantic and Pacific coasts, and low elsewhere in the U.S. High land values result in high cost of living, causing cities and states in expensive areas to have high taxes. The high cost areas are at a competitive disadvantage to the rest of the country, and was a factor in the population shift to the South in the last several decades.
The economic effects of land prices was most notably discussed by Henry George. This economic school of thought is known as Georgism.
Read more about this topic: Economic Issues In The United States
Famous quotes containing the words rising, land and/or values:
“Politics are now nothing more than means of rising in the world. With this sole view do men engage in politics, and their whole conduct proceeds upon it.”
—Samuel Johnson (1709–1784)
“This land is your land, this land is my land, From California to the New York Island. From the redwood forest to the Gulf Stream waters This land was made for you and me.”
—Woody Guthrie (1912–1967)
“Normality highly values its normal man. It educates children to lose themselves and to become absurd, and thus to be normal. Normal men have killed perhaps 100,000,000 of their fellow normal men in the last fifty years.”
—R.D. (Ronald David)