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Schiendelman
on March 2, 2025
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The housing theory of everything (2021)
Why wouldn't the owner sell?
Keep in mind that land that is owned outright is almost exclusively very low value land.
yimby2001
on March 2, 2025
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Because they owe the bank $1 million for property that suddenly worked much less than that so they’re gonna default on their debt and then their bank is going to sell it and attempt to recover the loss
Schiendelman
on March 3, 2025
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Generally property tax is a percentage of the value of land. So your scenario doesn't happen unless the land is incredibly valuable.
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Keep in mind that land that is owned outright is almost exclusively very low value land.