If someone is lucky enough to win the lottery by buying a pot of land for cheap and then seeing its value rise astronomically, they would be given the option to defer their tax payments until the sale of their profit when they realize their gains.
Obviously, there is still a large incentive for them to move sooner rather than later, but they would not be forced out of their home. I think this would be much fairer than the status quo as it would increase the incentive for them to move.
Ultimately, it is not an efficient use of land to have someone keep their single family home in the middle of high-rises like you see in the movie up. We've got a homeless crisis and random parking lots or low density is making it worse. There needs to be a compromise here. Deferred payments lets you balance the scales in a way that would be fair to all.
If someone is lucky enough to win the lottery by buying a pot of land for cheap and then seeing its value rise astronomically, they would be given the option to defer their tax payments until the sale of their profit when they realize their gains.
Obviously, there is still a large incentive for them to move sooner rather than later, but they would not be forced out of their home. I think this would be much fairer than the status quo as it would increase the incentive for them to move.
Ultimately, it is not an efficient use of land to have someone keep their single family home in the middle of high-rises like you see in the movie up. We've got a homeless crisis and random parking lots or low density is making it worse. There needs to be a compromise here. Deferred payments lets you balance the scales in a way that would be fair to all.