13 - Understanding our Political Economy - what henry george taught us

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Lesson 13 - What Henry George taught about urban land markts

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Understanding our Political Economy LESSON THIRTEEN Lessons of Urban Land Markets

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“The insatiable demand to acquire any parcel in Manhattan for development has been supported by worldwide attention from many different first-time purchasers from abroad. …”

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There are 315 million people in the U.S. There are 105.5 million households 65% of all households (68.575 million) live in homes they own, or will own once they pay off one or more mortgage loans

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$181,500 (median price of a residential property 35% as a conservative land-to-total-value ratio $64,725 is the median land value per residential property $64,725 multiplied by the total households in the United States ($105.5 million) = $6.8 trillion This does not include land that is vacant but could be developed for residential housing

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$6.8 TRILLION Of Residential Land Value

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“The Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.”

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Steve Hanke, Johns Hopkins University

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“These data talk, and the most interesting thing they say is that every 18 years we can expect the culmination of a credit-fueled real estate and ensuing business cycle. This, of course, doesn't imply that all recessions are preceded by a real estate cycle. It only says that all real estate cycles have spawned economic downturns. …”

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“This knowledge has allowed for some prescient forecasts. The prize in that department goes to Prof. Fred Foldvary who wrote in 1997: ‘ the next major bust, 18 years after the 1990 downturn, will be around 2008, if there is no major interruption such as a global war ’." Steve Hanke. “The Great 18-Year Real Estate Cycle,” Globe Asia . February, 2010

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END OF LESSON THIRTEEN

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