Wouldn't the "link tax" have a detrimental effect on a site's Pagerank? Lets say someone writes a blogpost on site X and links to site Y, now site Y wants you t

Wouldn't the "link tax" have a detrimental effect on a site's Pagerank? Lets say someone writes a blogpost on site X and links to site Y, now site Y wants you to pay them for the privilege of linking to them. The blogger might just decide not to link (or save the hassle and not even ask whether they can link without paying). Over time site Y's incoming links drops as nobody is willing to link to it anymore. Good luck with SEO under such rules, in fact it would be nice if Google then offered an easy way to filter out all the sites that require paying to link to them.