Good to have an academic study proving what we knew all along. Those home grants MUST increase land price. It is the natural economic law - Ricardo's Law.

If you don't understand it you are in good company. Not even W.D. himself understood that one, even for all his biblical talk. The rising of the rent is the natural fund from which to fund society. Leviticus describes what to expect to that society (a rent cycle, the creation of a debtor class being the main two) when the rent is permitted to capitalize instead.

Note what the economists in the articles have to say - trash, absolute trash, so ignore the comments, they will lead you to a misunderstanding of the law.

A sure sign the law is still in operation, the buildings get taller on cheap credit.

First Home Grants Article