Fresno, China and Greece have this problem

This increase reflects a ridiculous surge in land values and growing use of land sales by local governments for revenue. The professor also found that land sales had risen from 0.24 percent to 74 percent of local government financing. Business Insider

This is the China version, but local municipals made plans that property values would stay high, and get higher. Wasn't true and now they have no property tax income to cover debt and pension promises.