[…] Thankfully, because Al Smith opted to keep the taxation of land intact (with much backing from local Georgist clubs), New York City was able to recuperate a good portion of its ground value and take it as public revenue. New York City subsequently escaped its housing crisis and entered its greatest period of housing construction in the past century (which we covered here). […]
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This article was originally published in The Daily Renter, and was republished with permission. Find the original content at thedailyrenter.com.
How a small Georgist reform saved New York City: Al Smith’s 1920 property tax reform