Embodied in that philosophy was the concept that since land on
Fifth Avenue is physically no better than land fifty miles away
in the wooded Hudson Valley, its greater sales worth must be due
to the fact that many people are living in the city. Therefore,
there attaches to prices a "social" value created by the
community. And that value should be taxed to help support the
public needs of the city. Those who hold city real estate with
little interest in its improvement are thus speculators who
contribute little to the interests of the community. And if, as
is necessary, there is to be urban renewal or redevelopment, the
unearned increase in values should be squeezed from speculative
profits. Thus it would be less necessary to tax not only those
who have built improvements but the generality of taxpayers. In
a study just completed in New York City by a special committee
on tax policies organized by the Citizens' Housing and Planning
Council, some very interesting facts are developed. The
committee started with