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:
“It was always accounted a virtue in a man to love his country. With us it is now something more than a virtue. It is a necessity. When an American says that he loves his country, he means not only that he loves the New England hills, the prairies glistening in the sun, the wide and rising plains, the great mountains, and the sea. He means that he loves an inner air, an inner light in which freedom lives and in which a man can draw the breath of self-respect.”
—Adlai Stevenson (1900–1965)
“We grant no dukedoms to the few,
We hold like rights and shall;—
Equal on Sunday in the pew,
On Monday in the mall.
For what avail the plough or sail,
Or land or life, if freedom fail?”
—Ralph Waldo Emerson (1803–1882)
“Tallulah [Bankhead] was the foremost naughty girl of her era but, in those days, “naughty” meant piquant, whereas values have so changed that now, in the 1970s, it generally means nauseating.”
—Anita Loos (1888–1981)