People don’t like seeing the value of their homes decline; that’s why they don’t like land ‘taxes’. (They’re actually rents in nature, and therefore cannot be passed on in prices.)
Nor do would-be property investors want their property values decline, of course.
Yes, most of them won’t be able to make it through when land prices implode on them in 2027.
But both categories of people are acting to keep things as they are.
In doing so, they support a nefarious taxation regime. Taxation and its deadweight losses are passed on into all the prices of our goods and services.
They’re also supporting escalating land prices, even though land has no cost of production. It was just there; so, as land is common to humanity, we should be taxing its rent away. (If we did, there’d be no land price. *)
So, most people remain happy, both with the high prices of our goods and services and our extremely high land prices, even though the combination is very costly and acts to dispossess many people now and future generations.
The real beneficiaries of this situation aren’t the general homeowner nor small-scale property investors but the already uber-wealthy to whom the greater part of publicly-generated economic rent flows directly. This is the mechanism they use to grow their wealth at the expense of everybody else.
The big rent-seekers are thankful having so many others supporting the current tax regime they’ve designed to profit themselves.
The situation represents an impossible impasse which acts as a stumbling block to general prosperity.
Needs changing – but can’t be changed.
Pity about that!