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Michael Segal's avatar

Which prediction about Miami real estate do you believe?

#1

"Miami has claimed the dubious title of having the highest real estate bubble risk in the world, according to a new report." https://www.dailymail.co.uk/real-estate/article-15130489/miami-highest-real-estate-bubble-index.html

#2

Headline: "DeSantis predicts Florida property values will ‘skyrocket’ if NYC Dem socialist nominee wins" https://www.foxnews.com/politics/desantis-predicts-florida-property-values-skyrocket-nyc-dem-socialist-nominee-wins

David Weinkrantz's avatar

The housing affordability crisis and efforts to deal with it have been going on for a long time.

Political economist Henry George wrote about this phenomenon in 1879 in his classic book Progress and Poverty. He recognized that increases in population and economic activity would increase the price of land, giving landholders a huge gain while making housing unduly expensive for working people.

George devised a plan to solve the problem. He proposed a land tax of sufficient size to transfer the profit generated by popular demand for a limited land supply from landlords to the public treasury.

In 1886, he ran as a candidate for mayor of New York City, a post in which he hoped to implement his plan. Unfortunately, he lost to the corrupt Tammany Hall candidate. Theodore Roosevelt, the future president, came in third.

It is not too late. We can still enact George's program and thereby provide needed housing while lowering general taxation.

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