jgharston wrote:
Doctor Drivel wrote:
In 1939 it probabaly costed £500, now maybe worth £500,000. What
have they done to earn that 0.5 million?
NOTHING.

Yes, but in 1939 the occupiers could afford to buy a £500 house. They
probably can't afford to buy a 1/2 million pound house today.

You are saying houses should be inflation proof. A 1939 washing machine
may have been £10. You are saying this now should be worth £10,000.

In 1997 a car may have costed £10,000. A house £50,000. The house is now
worth £350,000, the car in A1 condition, £500. The owners of the house,
land, made £300,000 for doing NOTHING.

The value in the land was created by economic activity by the community.
The wealth locked in the land is not the landowners. Land Value tax reclaim
that value to pay for community services and also drops, or eliminates
income tax. The average home owner on £40,000 is $6,000 per year better off
than under the current system. All been calculated.