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:
“Over the tree-tops I float thee a song,
Over the rising and sinking waves, over the myriad fields and the
prairies wide,
Over the dense-packed cities all and the teeming wharves and ways,
I float this carol with joy, with joy to thee, O death,”
—Walt Whitman (1819–1892)
“Ah, love, let us be true
To one another! for the world, which seems
To lie before us like a land of dreams,
So various, so beautiful, so new,
Hath really neither joy, nor love, nor light,
Nor certitude, nor peace, nor help for pain;”
—Matthew Arnold (1822–1888)
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—Bruno Bettelheim (20th century)