I think banks/saccos that repossess properties from defaulters are required by law to sell them at above 75% of the valuation price. Given the exaggerated prices of real estate to begin with, banks will be stuck with them.
They'll tax their way into a bigger hole; we can barely afford life as it is right now. Watu watapunguza spending or watatafuta njia za kuhepa hizi tax and by end of the financial year KRA itakuwa inalia that they were unable to meet revenue targets.