Over the last six months, an obscure housing policy idea has emerged as one of the most talked about proposals to revive Detroit, Michigan — an idea that could potentially spur development on the city’s vast amount of vacant property as well as lower the city’s punishingly high taxes on homeowners. Economists are buzzing with interest, and the city’s mayor, Mike Duggan, is all in.
Meet the land-value tax, a form of taxation rarely tried in the United States despite being popularized globally by an American political economist in the 19th century. Versions of the tax have been implemented in countries all over the world, including Mexico, Denmark, Singapore, Russia, and Taiwan.
— Read the rest here: https://www.vox.com/24025379/detroit-land-value-tax-lvt-property-tax-housing-vacant-blight.
Rachel M. Cohen is a senior reporter for Vox covering social policy. She focuses on housing, schools, labor, criminal justice, and abortion rights, and has been reporting on these issues for more than a decade.