> Right. In Johannesburg, 40% of the land within ten kilometers radius
> of the centre of our fine city is vacant (according to a 1991 World
> Bank study); moreover the Central Business District has gone from 5%
> vacancy rates to more than 50% in some blocks, and Africa's tallest
> building, the Carlton Centre (owned and operated by Anglo American
> Corporation) has just closed its 5-star hotel and is likely to close
> the 50-floor tower itself within a few months.
>
> . . .
Which raises the question of the Henry George solution, namely a tax on the site value of land, and a parallel premium -- either a zero or lower rate -- on improvements on land (fixed capital?). Proponents of the tax argue that it means that holding an unusued or under-utilized parcel of land is tantamount to burning money, and the tax will accelerate development. It could also displace existing residents, however. Anybody talking about this in S.A.?
MBS