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> in a society where owners of property would rather let it get run down instead of develop it or sell it,

Nobody would "rather" do this. They are incentivized to, typically as an Nth order consequence of public policy.

you think nobody runs out of money, or finds themselves up shit creek? what about inherited properties that you dont have the money, time or ability to renovate and youre waiting for someone else to buy it from you?

Those situations happen but they are rare and usually short lived. The reason we see boarded up store fronts and unoccupied homes for literally years is because we incentivize it.

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