But ignoring that absurdity - property taxes are usually 2% of the property value. So you'd need to what... Not pay any property tax at all for 100+ years for that scenario to play out?
But let's say we allowed that to happen, and we're somehow sympathetic to that owner. You still don't evict anyone over property taxes. The next buyer will just have to work it out. See Detroit and its $1 homes with $20k in back taxes.
I guess the problem here is I don't see housing as something anyone should expect a guaranteed profit from. I view it just like anything else - there's real risk, and if you're going to privatize the profit, you damn sure better privatize the risk, too.
Just like any other asset you can pay too much, buy something unsuitable, or mis-predict market forces.
Are you against private ownership of property outright?
Do you favor being taxed on the value of other things you own, how about your laptop, stove, etc?
Edit: just to appeal to authority: every single legitimate economist agrees with me on this as well.
Other states may do this, but many other countries do not.
Why shouldn’t you be taxed on the assessed value of your laptop and car each year too? How about your savings account? Shouldn’t that be taxed?
Your landlord may be able to evict one building’s worth of people, but your goal is to evict many more than that.
Your landlord is harmless by comparison.