No, because the value of permission to build a house on the lot can be a lot more than the cost of renovating it (even when that renovation cost is higher than

No, because the value of permission to build a house on the lot can be a lot more than the cost of renovating it (even when that renovation cost is higher than the cost of building a new house on that lot). If you don't have another way to get that kind of permission (e.g. maybe it's illegal for you to contribute to the unaffiliated PAC supporting the mayor's reelection campaign because you're a noncitizen) it can be virtually priceless.