[smallmancontrov]

Not news worthy, but definitely interesting. One camp says that the purpose of property rights is to incentivize value-additive economic activity by connecting investment to reward. A different camp says that the purpose of (asset) property rights is to pay rich people for being rich, thereby establishing and reinforcing a class hierarchy where the people on the bottom pay to exist and the people on top get paid to exist.

Improvement value has a shape that mostly fits the former narrative while land value has a shape that mostly fits the latter narrative. Whenever you observe a sale that establishes a relative proportion between land value and improvement value, you are observing the market's revealed opinion on the relative validity of these conflicting political narratives.

That isn't just interesting, it's fascinating.