The US City-Its Greatness Is at Stake!

The fact that an improvement leads straight to a higher tax assessment is the reason why slum landlords find it more profitable not to improve the buildings on their overpriced, under rated land. The profit motive is harnessed backwards’ and given a tax incentive not to eradicate slums. Landlords who permit their properties to deteriorate are rewarded with lower assessments. “Rewarding also by this revenue system are the speculators who, because of low rates on land can afford to hold land out of use until the city’s growth forces up its price. This is a direct cause of ‘urban sprawl,’ as developers reach out for lower-priced land while passing idle land that is closer to the city but whose owner is not ready to sell. Urban sprawl means that the city enjoys a less than economic density of population while suburbanites have to move farther out than they should. Lower taxes (if any) on improvements and higher rates on idle land would induce a more efficient use of all urban and suburban land. ...To attract the necessary funds, we need maximum participation by private investors and private builders and operators. LIFE Magazine, Dec 24, 1965