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The benefit of this proposal is that it pits property owners against each other. It might be in the interests of property owners as a class to not build in order to see values increase but the greed of individual owners will lead to some cracking and building in order to maximise their individual wealth.

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Given there are enough property owners, this is expected. But in the presence of a few property owners, the opportunity for collusion is higher because the opportunity cost of defecting is higher than the opportunity cost of not defecting. This centralization of property into a few owners is something that is happening all over the Anglosphere.

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