It could be an externality, if the land was randomly reassigned a new owner every year or something. But if the land is sold, that is taken into account. It isn’t an externality. Capitalism has priced this effect in.
It could be an externality, if the land was randomly reassigned a new owner every year or something. But if the land is sold, that is taken into account. It isn’t an externality. Capitalism has priced this effect in.