[LVTfan]

Likely true of most taxes, but not true of a tax on land value. Taxing land value heavily causes underused land to either be put to good use or sold, at a reasonable price, to someone who will build on it.

Taxing land value -- that is, collecting the lion's share of the annual rental value of the land for public purposes -- removes the speculative element, and makes it worth only what it is worth FOR USE.

That almost always creates jobs, first for construction, and then to utilize the space. It may create housing, and goodness knows, much of California is in desperate need of housing. And housing creates jobs -- houses and highrises don't maintain themselves.

Virtuous circle --- the opposite of the vicious one that Proposition has created (and which was easy to predict before it was enacted).

If you want jobs and housing, tax land value.

Otherwise, keep California doing what it does now.

[drak0n1c]

I agree land value tax is a far more efficient tax than property or revenue taxes. The goal should be to raise revenue with minimal impact on commercial decisions. Punitive revenue/wealth taxes are essentially a form of sin taxes and distort the marketplace.