Appreciation of housing isn’t only due to land; could also be due to more expensive materials. LVT is determined as a share of the rental value: 100% (or perhaps 99%) from a Georgist perspective. Land rents are roughly 5%, so you get the same number here, but that’s coincidence.

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Economist. Founder and president of the UBI Center. Studied at MIT and UC Berkeley. YIMBY. Former Google data scientist.

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