Since 1913, Pennsylvania has allowed cities to tax land at a higher rate than buildings. This decision has led to some unique success stories: cities that have weathered post-industrial decline and revitalized their urban cores.
Speculators are holding buildable land hostage in Anchorage. A change in the way properties are taxed can help.
To grow sustainably, Anchorage (like so many other cities) should adopt a land value tax.
In cities all over America, we deter people from revitalizing neighborhoods by punishing them with higher taxes for improving their property. A change in how we tax property could fix these incentives.