Jason M. Barr and Ronan C. Lyons October 22, 2025
Comments by Scott Baker
In this seminal study article, professor of economics at Rutgers University-Newark, Jason M. Barr teams up with internationally recognized expert on housing markets and housing price indices, Ronan C. Lyons (click on the names above for more bio information). They have analyzed the effect of going to a Land Value Tax on every lot of buildable land in New York City, including a map:
They begin by drawing comparisons to the mayoral campaign of Henry George in 1886 and 1897 (when George died just before the election), with today’s 3-way campaign between “Zohran Mamdani, who is leading in the polls against former Governor and Democrat Andrew Cuomo and former Guardian Angels leader and Republican Curtis Sliwa (with incumbent Mayor Eric Adams having recently dropped out due to his widespread unpopularity).”
After providing Henry George’s background and Land Value Tax theory, which will be familiar to long time Georgists, the authors go on to dissect the current and highly flawed and criticized NYC 4-class property tax system, now 50 years old. Taking a revenue-neutral approach, they show in word and in graphics (see above), who will pay less (red areas like Manhattan) and who will pay more (mostly single family homes in the blue areas). Tax exempt developments and buildings are retained.
Their data analysis and sources are well detailed in the linked PDF document here:
Note that the total property tax value for NYC is $1.5 trillion, but this includes structures, not just land, according to the Department of Finance, referenced by the authors. For complicated reasons, Georgists might disagree with the valuation methods the authors use, which include an (adjusted) cap rate, among other strictly non-land value factors. But still, the paper is a seminal study and perhaps will be prescriptive for the next mayor, whomever that may be.
The full article is here: https://buildingtheskyline.org/lvt-nyc/