Comments by "John Burns" (@johnburns4017) on "ReasonTV"
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"Case study: The city of Harrisburg, Pennsylvania Harrisburg, Pennsylvania is the seat of the State’s government, but in the early 1980s was one of the nation's most distressed cities. It was still recovering from Hurricane Agnes (in 1972) that put buildings under four metres of water, and it had lost 800 businesses and a third of its population in 20 years.
In 1975 the city enacted LVT as a policy tool to stimulate development and to discourage land speculation. It reduced the tax on buildings to one-half of that on land and, over a period of time, increased the tax on land to six times that of property.
Mayor Stephen Reed credits LVT with the resulting regeneration. “In the period from 1982 to the end of 2009 [there was], $4.8 billion worth of investment, businesses increased in 1988 to 9,100, thousands of new jobs were created, over 40,000 building permits were issued.”
“The tax base… went from $212 million to a total of $1.6 billion. The number of residential units sharply increased. In fact, the city of Harrisburg from its different housing programs and initiatives played a direct role in either building or helping others to build over 6,000 residential units.”… “There is no city our size in America that had that much to do with that many residential units in that period of time. The crime rate came down 46 per cent, the fire rate dropped 78 per cent and the number of vacant structures fell by 80 per cent.”
Stephen Reed was nominated the US Mayor of the Year in 2006 and said: “As part of our economic development incentives, the land value tax policy is key, and without it a significant amount of new investment would not have occurred here during recent years.”
Joshua Vincent CEO
Centre for the Study of Economics
http://www.urbantoolsconsult.org/"
https://www.london.gov.uk/sites/default/files/final-draft-lvt-report_2.pdf
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