Comment by sir0010010
10 hours ago
Land values increase, though it is still possible to make a specific plot of land available to more people by building tall buildings on them and installing elevators. The total rent of a small plot can then potentially be divided amongst hundreds or thousands of people.
Correct, which increases the land value even further.
Trivially: If you imagine a plot of land next to One World Trade Center in Lower Manhattan that for some soil/geological region can't sustain a building taller than 2 stories, that lot will be worth far, far less than the lot upon which One World Trade Center was built.
Another example: If you imagine that elevators were outlawed for some reason, suddenly the value of all high-density developable land would fall.