Taxation, Housing Markets, and the Markets for Building Land

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Housing policies are crucial in government programs, particularly in industrialized Western economies, where they address challenges like population density and environmental pollution. These policies aim to ensure social equity and redistribute wealth, using taxation as a key instrument. While there is broad agreement on their short-term effectiveness, long-term impacts are often overlooked, risking the perpetuation of market inefficiencies. The discourse lacks a clear definition of efficient housing and land markets, with a common consensus against land speculation, yet the broader economic benefits of land holding remain largely unexamined.