this post was submitted on 30 Jan 2024
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Developer is not controlling the price, they're the highest bidder. It seems like a positive anyway - existing owners can sell at a high rate, government can get more tax, more tax can fund more support for the poor
The current owner can no longer afford the taxes and is forced to sell whether or not they want to. The developer can position themselves as the “highest bidder” by an extremely small margin over the property’s historical value, denying the current owner the windfall from the recent spike in land value. Despite the increased land value, no one else will be interested in purchasing the property at this valuation until the developer’s project is complete, as the project itself is the cause for the spike.
This is effectively eminent domain for private developers. If you’re a homeowner and you’ve been paying your property taxes just fine for the past decade on a $40,000/year salary, you shouldn’t suddenly become unable to afford to live there because someone said you live in a “hot area” or whatever.
Pardon, I don't get this - "The developer can position themselves as the “highest bidder” by an extremely small margin over the property’s historical value, denying the current owner the windfall from the recent removede in land value." - Wouldn't ask/bid and transaction value determine the land value? Why does the land value tax increase a lot if the best offered purchase value will be only slightly higher than historical?
I think that's what they are saying is exploitable. It comes down to who sets the value? Is it all just speculation. Speculation isn't a price tag.