> I haven't sat down to really pencil it out, but I'm sure if someone did they'd find a way to game such a system, since I figured it otherwise would have been put into use.
There is one major consequence: investor/VC backed/mega-rich major chains would instantly drown out family owned and small businesses that can't compete with gentrification. This is already a plague with Walmart and Amazon absolutely flattening local economies, your proposal would make it an epidemic of yet-unimaginable scale.
Whoever I found this from, they put in the "natural person" and "unencumbered" parts for exactly this reason I suspect. Bidders cannot even have any debt. Zero whatsoever. I'm guessing the one year waiting period is also for creditors to discover and nullify any potential conflicting use of cash they might want to attach? I remembered it as they wanted to zero out as much as possible all leverage from the price discovery.
Like I said, I found the entire idea of a competitive market in price discovery to establish tax basis fascinating, not the specific implementation details.
There is one major consequence: investor/VC backed/mega-rich major chains would instantly drown out family owned and small businesses that can't compete with gentrification. This is already a plague with Walmart and Amazon absolutely flattening local economies, your proposal would make it an epidemic of yet-unimaginable scale.