Mr. Karl Deeter:

As regards many people who have land, even if they have legacy permissions on it, with the introduction of part L, part M and then the part V contributions, it is not as if they are sitting on it and are thinking they have a great plan to take over the world one day. They just realise that their base cost, plus expense, plus construction gives them X cost that they have to cover. If the market is not there yet, that land sits idle so taxing it is a crude instrument as well if one looks at it in terms of fairness to what that person expected. However, taxing it and saying "Look, you can't just sit and wait this out until it comes to your perfect day when everything works out", is really the way that things need to go. It was an opportunity that was missed.