Economists have been championing Georgism for more than a century and we still refuse to consider it. I would argue that unreasonably expensive land prices are the most serious economic and social issue in the West today. It's a systemic problem, from which so many other issues are caused: homelessness, poverty, suppressed economic activity, inflation, class stratification, "failure to launch," fertility rates, inequality, etc.

The problem is that we've taught generations that the best retirement plan is a home, and now if we allowed home prices to fall, generations of people would be without their retirement plans. Voters don't like that very much. It's absurd that we allowed things to progress to this point, and unwinding it is going to be extremely painful. I think this only resolves when renters outnumber home owners to a material degree and vote for land value taxes. Things will get much worse before they get better.