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:
“I have thought of a pulley to raise me gradually; but that would give me pain, as it would counteract my natural inclination. I would have something that can dissipate the vis inertiae and give elasticity to the muscles.... We can heat the body, we can cool it; we can give it tension or relaxation; and surely it is possible to bring it into a state in which rising from bed will not be a pain.”
—Samuel Johnson (1709–1784)
“The land of shadows wilt thou trace
And look nor know each other’s face
The present mixed with reasons gone
And past and present all as one
Say maiden can thy life be led
To join the living with the dead
Then trace thy footsteps on with me
We’re wed to one eternity”
—John Clare (1793–1864)
“The values by which we are to survive are not rules for just and unjust conduct, but are those deeper illuminations in whose light justice and injustice, good and evil, means and ends are seen in fearful sharpness of outline.”
—Jacob Bronowski (1908–1974)