What is "Leased Land"? The price of the landlord's "land ownership" Front Cover

What is "Leased Land"? The price of the landlord's "land ownership"

lyr-IQ

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[Verse 1]
自分のでも自由に使えない
借地権が付いた不思議な土地
それが「底地」
大家さんが持ってる所有権さ
[Pre-Chorus]
底地の値段はどう決まる？
借りている人がいるから
更地より安くなるのが普通
どれくらい安くなるんだろう
[Chorus]
底地の価格
それは将来の家賃と
将来戻ってくる価値を
今の価値に割り戻したもの
[Verse 2]
更地の価格から
借地権の価格を引-き算する
引き算ホウが一番分かりやすい
残余の考え方だ
[Bridge]
底地の分だけ
金融機関から借り入れできる
でも売却は難しい
買い手が限られるからね
[Outro]
借地権と底地
２つ合わさって更地になる
一枚のコインの
裏と表の
関係なんだ

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