>> that's why perfectly good buildings are often torn down. Nice buildings where that would not happen in other states. Because it allows the appraisal value to plummet and the owner to continue to own the property when nothing other than a drastic reduction in this yearly siphoning
This is exactly the problem that Land Value Tax proposes to fix. The tax doesn’t go down if the land owner destroys their structures and ruins the site.
The owners don't want to destroy the structures at all.
They've been holding onto the properties because appreciation was outpacing taxation, allowing a predictable path to remodeling and re-habitation.
Until that changed. Primarily from greedier investors not having enough low-hanging fruit to pick from so they're shaking the trees for all they have until they can give no more.
It's new buyers instead that want to swoop in if the landscape can be further tilted in their favor. Just a little bit is all it takes to yield a big return for a privileged few.
Other costs have risen too but the taxes are so high that's what triggers the final destruction.
Property tax has that extra-financial "property" that keeps your home positioned like dominos ready to fall. Like other skyrocketing costs don't do, even though the pressure from them is huge too.
This is exactly the problem that Land Value Tax proposes to fix. The tax doesn’t go down if the land owner destroys their structures and ruins the site.