I actually think an land value tax is our best option, it's just that a land value tax still allows for housing as investment. To make housing not an investment you need to eliminate returns from housing altogether.
Yes, obviously I think that having a 100% capital gains tax on housing would be pretty absurd, and would not lead to the types of outcomes we actually want. We often do want developers betting housing, which incentivizes improvements and reselling the places. But my point here is that -- for those who truly want housing to not be for speculation -- you need to completely eliminate economic gains from buying housing. They way you do that is to tax the capital gains that come from the sale of housing to the point where they no longer exist.
A land value tax is probably the best option for what we want to happen which isn't "eliminating speculation" but is instead to prevent land hoarding. We actually want people to speculate on properties, but in doing so, to develop them in to efficient uses if that future value.
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