Plural Property & Consent

Reprinting of Discord Post. If there is time in January’s call I would be interested in getting feedback on this question.

Plural Property seems to have two problems, which I’m interested in learning more about from those who’ve been actively working on these designs. The owner of a property seems to be put at a disadvantage since a) their autonomy is being violated by being forced to sell and b) there is an unreasonable expectation that a single person can accurately estimate the value assigned by the whole of humanity. I understand some of this has been addressed by a concept known as “attachment value” if a property has personal significance but this seems even more abstract and difficult to estimate.

What if the design was inverted in order to protect personal autonomy and improve the available information on property value? What if the property value was determined by a second-price auction? Anyone in the world can make a bid on the property but they have to be prepared to buy the property. The owner has a choice, they can choose not to sell and then pay taxes on the second-highest bid or they can sell to the highest bidder at the price of the second-highest bidder.

This inverted design for Plural Property would have a couple of critical improvements. First, it’s impossible to expect that one person can estimate the price bids of the other 7 billion people on the planet. Putting a person’s autonomy and well-being at risk because they failed to accurately estimate what the rest of the world estimated their property to be worth violates basic principles of consent.

Second, if every property within the Plural Property system had an active exchange of bid offers, then the estimated value of the property would be a lot more stable and predictable. Second-price auctions have been proven to incentivize accurate price bids. For homes or offices, there could be a lease period of 1-5 years in which the property is not available for sale unless the owner chooses to make it available. At the end of the lease, the second-price auction would be open, and at a deadline, the owner would decide whether to renew the lease at the second-highest price or to sell.