In their current form, our property taxes discourage much-needed new housing—while doing little to deter those who are actively hoarding land and homes. We need an overhaul if we’re serious about housing affordability, and luckily, we don’t have to look far for the answer.
tl;dr: Investors buy land and leave it undeveloped to avoid taxes while they wait for prices to rise.
tl;dr2: Rich people suck money out of the system, adding no value and making life more expensive for everyone else.