I was doing some math in my head. I’ve been thinking about housing prices and wanted to assess the rough value of my city neighborhood block.
Assuming the average value of a house in my neighborhood is a flat $500k, that means 2 houses = $1M.
Counting the houses on my street I estimated there are about 20 houses per-block, which means 1 block = 20 houses = $10M.
Continuing to scale that up by factors of 10, we get:
10 blocks = 200 houses = $100M
and
100 blocks = 2000 houses = $1B
I opened up a map to visualize 100 blocks and it’s practically my entire city neighborhood. Billionaires shouldn’t exist.
Rather than a hard cap, I like the idea of property tax rates that go on an exponential curve depending on how many houses you have beyond the one you live in, which are used either to subsidize building more housing or somehow redistributed.