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:
“From the rising of the lark to the lodging of the lamb.”
—William Shakespeare (1564–1616)
“I’m right here to tell you, mister. There ain’t nobody gonna push me off my land. My grandpa took up this land seventy years ago. My pa was born here. We was all born on it. And some of us was killed on it. And some of us died on it. That’s what makes it ourn. Bein’ born on it. And workin’ on it. And dyin’ on it. And not no piece of paper with writin’ on it.”
—Nunnally Johnson (1897–1977)
“Postmodernity is the simultaneity of the destruction of earlier values and their reconstruction. It is renovation within ruination.”
—Jean Baudrillard (b. 1929)