I haven't worked out all the details but I think the right thing to do is some form of gradual transition to a Georgist taxation system (perhaps with compensation from the government for those who suffer sufficient adverse effects).
Reducing the value of property to the structures on them by having heavy taxation rates on unimproved land is fairer than the current system and makes access to property far easier. It reduces speculation in real estate which also improves access.
I also agree with the Georgist moral perspective that we have equal entitlements to all land and natural resources. From there, distributing land that is undertaxed seems to give certain individuals and companies unfair advantages. An added benefit is that income taxes and capital gains taxes have always from my perspective been on morally shaky ground as I struggle to find a good moral perspective that justifies them compared to other forms of taxation that seem morally just.
Doing a transition like that will be just as difficult as popping a housing bubble (if not more so) but I think it will be of great benefit to society.
Reducing the value of property to the structures on them by having heavy taxation rates on unimproved land is fairer than the current system and makes access to property far easier. It reduces speculation in real estate which also improves access.
I also agree with the Georgist moral perspective that we have equal entitlements to all land and natural resources. From there, distributing land that is undertaxed seems to give certain individuals and companies unfair advantages. An added benefit is that income taxes and capital gains taxes have always from my perspective been on morally shaky ground as I struggle to find a good moral perspective that justifies them compared to other forms of taxation that seem morally just.
Doing a transition like that will be just as difficult as popping a housing bubble (if not more so) but I think it will be of great benefit to society.