@ArthurB I'd also argue that the investment-discouraging effect of property taxes is reduced somewhat in a context where construction is bottlenecked by bad zoning laws anyway.
(Incentive not to upgrade quality still exists, incentive not to upsize doesn't)
@ArthurB我还认为，在建筑受到不良分区法的瓶颈的情况下，房产税的投资抑制作用会有所降低。
（不升级质量的激励仍然存在，不升级的激励不存在）