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The comment you are replying to suggested that 7-year leases could be auctioned. A lease cannot be revoked “at will.” But it does mean that people can be priced
by sjy 7y ago
The comment you are replying to suggested that 7-year leases could be auctioned. A lease cannot be revoked “at will.” But it does mean that people can be priced out of their homes when the lease expires. That’s the point.
- chaorace 7y agoCoincidentally, this is similar to the lease-hold system in Hong Kong. Most land plots revert to the government after a 75 or 99 year lease term. You can sublet land during that period, but whoever directly holds the government lease is obligated to pay an annual tax equal to a percentage of the land's rated value.