[natrius]

Housing is a generational issue. There's today's middle class and tomorrow's middle class. Raising taxes on land does not hurt tomorrow's middle class, and it helps them if more homes get built where they want to live. Land is only worth what people are willing to pay for it. Higher taxes mean the price of the land itself must be lower for people to buy it—the taxes don't cause wealthier people to suddenly show up.

Today's middle class has lots of political power. Tomorrow's middle class doesn't. We're allowing generations to extract wealth from those who come after them without considering the consequences.