> Thankfully property taxes aren't driven in the potential value of land (rather, they are tied to actual value)
That's not a thankful thing at all, it incentivises using the limited land in wasteful (low-value) ways.
> Once the high end is say satisfied, money (investment) could simply move away from housing if it can't make any money there. Money chases the highest returns between all of the markets, not just one market.
Available capital is practically unlimited these days, anything that's profitable and legal to build will get built.
That's not a thankful thing at all, it incentivises using the limited land in wasteful (low-value) ways.
> Once the high end is say satisfied, money (investment) could simply move away from housing if it can't make any money there. Money chases the highest returns between all of the markets, not just one market.
Available capital is practically unlimited these days, anything that's profitable and legal to build will get built.