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.

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

Love podcasts or audiobooks? Learn on the go with our new app.