The financial instruments are commercial real estate loans.
Those loans often do not allow the borrower to charge lower rent.
Property taxes are not calculated that way. The property tax rate for a given year is backed into (a "mill rate") based on approved dollars of spending divided by total property value. If total citywide property value drops by 50%, the property tax rate doubles that year.
So no, the property value changes aren't really an issue.
Those loans often do not allow the borrower to charge lower rent.
Property taxes are not calculated that way. The property tax rate for a given year is backed into (a "mill rate") based on approved dollars of spending divided by total property value. If total citywide property value drops by 50%, the property tax rate doubles that year.
So no, the property value changes aren't really an issue.