Anonymous ID: b14bb8 July 17, 2020, 11:44 a.m. No.9989055   🗄️.is 🔗kun   >>9134 >>9185

Just a random thought/question:

We are seeing the beginnings of an eviction wave as people who have been out of work due to lockdowns have run out the clock on paying rent.

 

So question: What happens when property taxes come due and land owners are unable to pay for the same reason? If govts. place a lien on the property it effectively becomes unsalable. If they try to seize it that leads to a market glut, and they don't get anywhere near what is owed on it.

 

During the depression there was a similar issue with creditors foreclosing on farms. The locals all got together and agreed to bid no more than a penny. Worked better in some places than in others. But the point is like the old saying (amounts have changed over time to keep up with inflation)"When you owe the bank a million dollars you have a problem. When you owe the bank a billion dollars, the bank has a problem." Many local govts. rely on property taxes. Sales tax revenues are already in the crapper. 2020 income taxes will be worth shit.

 

Just a random thought that has been banging around in my head. Should be interesting to see how it works out.

Anonymous ID: b14bb8 July 17, 2020, 12:01 p.m. No.9989188   🗄️.is 🔗kun   >>9238

>>9989144

Thanks for the ref. I will look into it further. But…

 

Interesting as a possible end point. But my question is more along the lines of "what are govts. going to resort to?" when this happens.