To be honest I mostly agree (although you would only lose your skyscraper if somebody was willing to pay 1 dollars more than you are willing to pay, not 1 dollar more than you currently are paying).
I think this setup has some really interesting theoretical properties, and I think is a good start in working out a better taxation system. The ideal system would look very similar to this but somehow preserve stability. I would like to try and dig further to find that system.
Perhaps it could be vaguely workable if the “assessment period” was something like 20 years or more. It might be possible for a major property development to make a return on investment within 20 years, but not a lot shorter in most cases.
The long-term underlying lease doesn’t need to be a major limit. Private sub-lease contracts can cover shorter terms.
One further question is whether there should be any mechanism for voluntary relinquishment. There are serious problems to avoid in both directions.
To be honest I mostly agree (although you would only lose your skyscraper if somebody was willing to pay 1 dollars more than you are willing to pay, not 1 dollar more than you currently are paying).
I think this setup has some really interesting theoretical properties, and I think is a good start in working out a better taxation system. The ideal system would look very similar to this but somehow preserve stability. I would like to try and dig further to find that system.
Perhaps it could be vaguely workable if the “assessment period” was something like 20 years or more. It might be possible for a major property development to make a return on investment within 20 years, but not a lot shorter in most cases.
The long-term underlying lease doesn’t need to be a major limit. Private sub-lease contracts can cover shorter terms.
One further question is whether there should be any mechanism for voluntary relinquishment. There are serious problems to avoid in both directions.