[jlhawn]

yeah but one of the reasons why land value for single family homes is even higher is due to the zoning constraints which cause what I like to call "land value spillover" effects. Land value in suburbs an hour from a city center is higher than it naturally would be because zoning constraints closer to the city center cause housing demand to spread out across a larger geographic area. To give an example in the bay area, the cities of Livermore and Concord primarily exist in the form and population they do today because more homes could not be built closer to the core of the bay area, not to mention places like Antioch, Brentwood, and Tracy.