Why America’s Biggest Cities Are Littered With Vacant Lots | WSJ

From New York to Austin, America’s biggest cities are littered with vacant plots of land because property tax bills can skyrocket once vacant lots are developed into homes and apartments. WSJ explains the unseen role property taxes play in the country’s housing shortage and explores the merit of a land-value tax. Photo Illustration: Amber Bragdon 0:00 What’s wrong with the current U.S. property-tax system? 0:41 Why taxes go up when property improvements are made 2:22 Analyzing the scale of vacant land in Austin 3:52 The pros and cons of a land-value tax WSJ Explains News moves fast, and there’s not always time to untangle the complex forces driving the day’s biggest stories. WSJ Explains breaks down big market moves, business and economic trends, and scientific developments to help you stay ahead of the curve. #PropertyTax #Housing #WSJ