This is described as a development site. It was some kind of stables or building yard, and the last time it was used was more than fifteen years ago, when it had bric-a-brac stalls in it. Then they were kicked out, and somebody got planning consent for some houses. Since then it has just been something to be traded on at a profit as the land values in the area have spiralled, but nobody has bothered to build the houses. Somebody is going to get caught out when the crash comes, but the chances are that for a long time to come, the houses will exist only on paper.
The planners usually get the blame for a shortage of land but this site is one of several in the middle of Brighton which have had planning permission for years. But why bother to build when you can make money by trading sites on?
LAND VALUE TAXATION
1 kommentar:
Nice blog - hey we economic detectives keeping an eye on land speculators might be interested in these 2 pieces:
Fred Harrison on youtube
www.earthsharing.org.au/IW2
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