I’ll confess. Even though I do not plan on being at the In-Rem auction, I have been scanning the list, and have even thought about pulling together some cash “just in case.” The idea of a great deal in a great neighborhood is tempting enough to get a real estate rookie like me thinking about buying property.
The book of Leviticus, a sacred text for Christians and Jews, contains law for the ancient nation of Israel, and commands the people to celebrate a “Sabbath Year” every seven years, and a “Jubilee” every fifty.
Every Sabbath year, the land is to rest, and lie fallow (I wonder if any delinquent landlords used this as an excuse for not mowing . . .) Every Jubilee year, slaves were set free, and land was returned to its original owner.
Can you imagine if no person could ever own a building for more than 50 years (unless it was already in your family)? Developers would be less likely to invest in giant skyscrapers, for starters.
While instituting Jubilee now would likely further stratify society, and hamper economic development, it seems as if the intent of the law was the opposite. It made sure that temporary economic hardship, which could lead to the sale of capital (even human capital), stayed temporary. Every Israelite had a current and lasting connection to land – the primary means of producing wealth.
What about immigrants? Obviously, it would offend modern sensibilities that they were essentially limited to fifty year or less leases, but the law was also filled with commands such as Deuteronomy 10:19, which reminded the Israelites that they were once immigrants, and they should love those within their borders.
For most theists, the ideas behind these laws holds true: Capital is never truly owned–it is held in trust on God’s behalf. And as part of that trust, the land must be used in a way that is sustainable and generative.
No doubt, many bidders will arrive at the auction seeking to expand their own empire. However, by reflecting on the ideas that Christian normally group together under the idea of “stewardship,” this auction can be more. A mini-Jubilee? Not exactly, but if we participate in this auction well, it could be for some.
(Note: this photo was pulled from the BRO archives. I have no idea if it is part of the auction)