It’s actually mostly draining into the net value of people who own property. You could classify them as “the rich” but around 65% of residential properties in the country are owned by the family that lives in them, so the vast majority of this land value appreciation isn’t just going to the 1%, or the 10%, it’s going to the 50% which is heavily weighted towards older people.
It’s actually mostly draining into the net value of people who own property. You could classify them as “the rich” but around 65% of residential properties in the country are owned by the family that lives in them, so the vast majority of this land value appreciation isn’t just going to the 1%, or the 10%, it’s going to the 50% which is heavily weighted towards older people.