This isn't completely unheard of in other areas. Fifty years ago my first husband and I bought a house situated on a private lake. Beautiful lake, tucked away in NE Texas. Anyway, we were admonished that we only had a 99-year lease on the land, though we could/would own the home. I don't know if that's still the case, but I can tell you it was fairly obvious that the purpose was to exclude "undesirable" buyers. I'll leave it to you to determine who was considered "undesirable" in NE Texas in the 1970's.
This isn't completely unheard of in other areas. Fifty years ago my first husband and I bought a house situated on a private lake. Beautiful lake, tucked away in NE Texas. Anyway, we were admonished that we only had a 99-year lease on the land, though we could/would own the home. I don't know if that's still the case, but I can tell you it was fairly obvious that the purpose was to exclude "undesirable" buyers. I'll leave it to you to determine who was considered "undesirable" in NE Texas in the 1970's.
That’s the law in Hawaii also. All those buildings, condos, homes, high rises built since the 1950s are sitting on 99-year land leases.
Interesting.