Very cool, if true

(1) The perverse incentives of a housebuilder's 'land bank' have all the worst defects of Ricardian rent-seeking, together with an intrinsic reinforcement effect on inflation.

The short version, straight from the Monetarist view of economics, is that inflation, being a decline in the purchasing power of money, makes 'real' assets a more attractive store of value than investable cash...

This becomes a self-reinforcing macroeconomic problem when hoarding unproductive assets (gold, undeveloped land, rents and ransoms) becomes more attractive than productive investments in economic activities that generate value.

It is (or ought to be, in England) a core goal of economic policy to push back against this.