People do not live in land, they live in floorspace.
Of course well located land is special and will never behave like a durable good. But whether there exist 250 sqft of livable residential floorspace or 250,000 sqft of livable floorspace on that land is at the moment, an entirely political decision that we can reverse at any time.
Of course well located land is special and will never behave like a durable good. But whether there exist 250 sqft of livable residential floorspace or 250,000 sqft of livable floorspace on that land is at the moment, an entirely political decision that we can reverse at any time.