In a recent discussion on Farcaster, Ethereum co-founder Vitalik Buterin shared his innovative thoughts on the concept of “for-profit cities,” which imagines urban areas run like business ventures, reminiscent of “Walmartopia” or “Teslaville.” This concept raises the question of whether cities should prioritize profit or the public good.
Buterin advocated for a balanced approach, emphasizing that cities should provide robust public infrastructure accessible to all income levels. He argued that urban areas should benefit both the nation and the global community, while upholding humanitarian values to address pressing issues like homelessness.
In Buterin’s ideal model, governance would become more accessible to citizens through asset ownership, with a shift away from substantial landownership stakes and higher taxes on landowners. This framework aims to align incentives with the overall success of the city, ensuring that improvements benefit everyone.
He also endorsed the use of land value taxes, which would encourage governments to enhance local public goods, thereby increasing land values. This approach allows landowners to capture the full value of any developments on their properties, creating a win-win scenario for urban growth and development.
Buterin’s vision combines aspects of decentralized autonomous organizations with traditional taxation and profit incentives, blending social democratic processes with a capitalist approach. This hybrid model aims to create cities that are both innovative and equitable, reflecting a thoughtful evolution of urban governance.
September 2024, Cryptoniteuae