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Notes -
This claim is simply innumerate.
Value of property = \sum pow(1- interest rate, N) x (income in year N - LVT in year N). Here N = # of years.
So here's how you can dampen it:
Raise interest rates above 0. (They are currently 4% or so.)
Set the horizon for the LVT some time in the future, say 10 years.
The end.
Presto, the contribution of N=0..10 has not been reduced at all, and the cost of the LVT in year 10 has been dampened by 33% (1-4% interest rate ^ 10), year 11 by 36% (=(1-4%)^11), etc.
This calculation assumes the discount rate for real estate == interest rate. But that's a gross underestimate - when interest rates were essentially 0%, 4-5% cap rates were typical and that implies real estate's discount rate is typically interest rate + maybe 3-4%. At a discount rate of interest rate + 4% = 8% (today), that suggests dampening of year 10's income by 57% rather than 33%.
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