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by lotsofpulp
670 days ago
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Real estate is not competitive nor dynamic because of the disproportionately low property (specifically land value) tax that property owners pay relative to the utility they get from society (police/military and courts to protect their land as well as myriad other policies that ensure a stable society). Simply hoarding land should not be profitable, and yet it is one of the most profitable businesses because of subsidies (too low property taxes, 1031 exchange, various “farming” and other exemptions). |
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