inc Explanatory Note 14

(14)  Fiscal Reform 

Constitutionalists remember that land is not a manufactured good but a birthright and our shared natural inheritance.  They are fully aware of the paramount impact of land and property ownership regimes on the entire economy and are mindful that housing policy needs to acknowledge that land-banking (the hoarding of land out of use) and the ownership of property for speculative rather than residential or home-making purposes are the underlying cause of inequality and the direct cause of the high cost of homes.  They are confident that an annual location value or amenities user fee would help to end land and property speculation and provide government with the funds to build more homes.