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:
“Expecting me to grovel,
she carefully covers both feet
with the hem of her skirt.
She pretends to hide
a coming smile
and won’t look straight at me.
When I talk to her,
she chats with her friend
in cross tones.
Even this slim girl’s rising anger
delights me,
let alone her deep love.”
—Amaru (c. seventh century A.D.)
“... were all America like this fair city, and all, no, only a small proportion of its population like the friends we left there, I should say, that the land was the fairest in the world.”
—Frances Trollope (1780–1863)
“Any relation to the land, the habit of tilling it, or mining it, or even hunting on it, generates the feeling of patriotism. He who keeps shop on it, or he who merely uses it as a support to his desk and ledger, or to his manufactory, values it less.”
—Ralph Waldo Emerson (1803–1882)