I wasn't suggesting buying anything, indirectly or otherwise. We can both probably agree that real estate property value has a loose correlation with actual va

I wasn't suggesting buying anything, indirectly or otherwise. We can both probably agree that real estate property value has a loose correlation with actual value, and is subject to a large number of external factors. Not least the suboptimal-for-community inflationary pressured California is infamous for. By partially abating taxes, you're simply adjusting profit calculation for a plot of land for a specific use. Now that I think about it we already do this, just in more coarse grained terms, via zoning. C3 is taxed one way, R3 another.