Almost. Except that we live in a world of distorted markets. Funny how you see apartment buildings built right next to a park. Half of the property owners have an in with local city government which help keep them in the cat bird seat which controls where and when these city parks are going to be built, so that they can put up a building right next to it. Or they manipulate and bribe people to put zones next to their facilities.
The best case of this is RTP outside of Durham, NC. Basically, companies gerrymandered a part of Durham to be a new town called RTP, which did not have to pay taxes to schools for black kids. However, Durham had a sewage system. RTP could not put one in its region, so in the end, bribed the right officials to get access to Durham's sewage system. In a capitalist system, Durham could have set a price which would cover the lost taxes. However, this is not how city politics work.
Similarly with other types of eminent domain laws in NYC used by banks to grab choice real estate at a bargain.
After 2001, when the property values fell in NYC, Rudy Giuliani got the top job at the "NYC Redevelopment Council." He tried to pass a series of laws to keep NYC economically "viable". He tried to pass laws to tax people working in NYC at a higher rate than the historical average, and offered a rebate to those who lived in NYC. One thing which he was successful in passing was to give small businesses a tax break. Well, Merrill Lynch got a tax break? How? The law was aimed to "help" small businesses which employed less than 500 people. Well, its not Merrill Lynch which is a small business, but "ML Fixed Income Mortgage Ventures", a sub-division of ML employing 499 people.
We use to laugh at the Soviet Union, but in many ways, we are not that different. We just won WWII!