I’m not sure if the explanation in the second part holds water. Wouldn’t the reduction in property value be the same as the ammortized free rent?
No, because the mortgage companies' valuation is based on rent and does not consider any incentives.
No. Not if the valuations and downstream effects of valuations are formulaic, which they often are.
No, because the mortgage companies' valuation is based on rent and does not consider any incentives.