[mendelsd]

"Land by its nature is scarce. A site in Mayfair cannot be reproduced like a pair of shoes. The monopoly rent it commands plays no productive role. It acts as a private tax on the productive economy. The question has always been what can be done about it." [1]

I posted that quote because it's the reference I found most speedily to the idea that high land prices impose private (i.e. paid into the private sector) taxation, rather than public. You didn't make the distinction between public vs private taxation in your comment and I thought it should be made.

Public taxation is also involved of course, e.g. when governments need to bail out the banking system; Help to Buy in the UK; etc.

[1] https://blog.p2pfoundation.net/how-land-property-is-tied-to-...

[mrec]

> high land prices impose private (i.e. paid into the private sector) taxation, rather than public

Agreed, though I'm not sure that's much consolation to the ones paying it. With public taxation at least you can hope you're helping to fund something useful.

[mendelsd]

Indeed!

BTW, you mentioned reservations about possible overspending by Corbyn's Labour. I'm encouraged however by the noises they're making about productivity, e.g. in a recent report:

"The report’s guiding idea is to encourage finance to flow towards productive investment rather than speculation in property. This reflects an old complaint about the City of London: it is a global entrepot with little interest in promoting productive investment in the UK." [1]

And here is a very good primer on the important distinction between productive and unproductive credit. [2]

[1] https://www.ft.com/content/c59c189e-85b8-11e8-a29d-73e3d4545...

[2] https://youtu.be/N-FDdHj7rPk