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:
“The bourgeoisie and the petty bourgeoisie have armed themselves against the rising proletariat with, among other things, “culture.” It’s an old ploy of the bourgeoisie. They keep a standing “art” to defend their collapsing culture.”
—George Grosz (1893–1959)
“If there is anybody in this land who thoroughly believes that the meek shall inherit the earth they have not often let their presence be known.”
—W.E.B. (William Edward Burghardt)
“During our twenties...we act toward the new adulthood the way sociologists tell us new waves of immigrants acted on becoming Americans: we adopt the host culture’s values in an exaggerated and rigid fashion until we can rethink them and make them our own. Our idea of what adults are and what we’re supposed to be is composed of outdated childhood concepts brought forward.”
—Roger Gould (20th century)