California's tax system through 1978's Prop. 13 incentivizes landbanking, or keeping land non- or under-utilized.https://twitter.com/sama/status/790954275689988096 …
no but the point is that it incentivizes them *not* to do housing bc they barely break even on it.
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I'm not 100% sure, but I believe the relative profitability of different types of development is not just CA.
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