Prop. 13 means that a commercial renter can rent out the land to one tenant after another virtually forever without the taxes going up very much at all (way below inflation). At some point it gets to a point where it is never economically advantageous for either renter or landlord to ever have the landlord sell... the situation is only disadvantageous for the city/community (which is getting far less in taxes than other places).

Remember that companies never die of old age.

Even if commercial property is changing hands, there are well-known loopholes to structure that as multiple transactions, none of which transfer more than a 50% stake, and which therefore do not trigger a Prop 13 Reassessment.

https://journal.firsttuesday.us/change-the-law-close-prop-13...

When was the last time Disneyland changed hands?

> commercial property tends to change ownership and undergo construction more often

Definitely going to need to see a reference on that one.