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The Middleman Profits Handsomely: "There, a Municipality Is Allocating Enormous Amounts of Value to Private Parties"
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"This perhaps shows how valuable the stamp on a zoning plan is, because that's when the money is created. When these building rights have been legislated, when the values have been created with the approval of a zoning plan, then you can go and mortgage this right and take out a loan on it. Here, a municipality is allocating enormous values to private parties," says architect Pétur Ármannsson when asked about the transaction with the plot at Egi…
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