Abstract

Whether or not we have any natural right to landownership, like life and liberty, the institution of private property is agood. The utility produced by private property in land is overshadowed by the evils produced by the speculative withholding of supramarginal land unless compensatory payments are required of landowners. Such payments should be made to those living in the same “rental area” and should be of an amount that will eliminate all incentive to land speculation. It is not always either desirable or possible to require that all of one's land value be paid in compensation. and even if such payments could be accomplished, they would not always be enough to redistribute the product stemming from the “monopolization” of real property The proper compensatory payment should reflect real increases in the value of real estate since its purchase, minus the value of improvements to the site made by the owner.