> If it's really such a prime desirable spot then that would drive up the value of the land to the point that the low value business wouldn't have been able to afford it?
The land continues to appreciate, so the business can hold it based on its value. Especially if they've locked in a mortgage at a low rate. The car wash "business" can profit through land appreciation, which they don't pay any tax on (another flaw in the regulatory regime), and free-ride while the spot becomes more valuable through the efforts of others.
The land continues to appreciate, so the business can hold it based on its value. Especially if they've locked in a mortgage at a low rate. The car wash "business" can profit through land appreciation, which they don't pay any tax on (another flaw in the regulatory regime), and free-ride while the spot becomes more valuable through the efforts of others.