The community owns all of the property and the people who live there rent. There are no home sales or real estate speculation.
Although the GOP rails on federal income tax, most Americans pay more in municipal taxes (property and sales tax) than they do in income tax.
Imagine a not-for-profit such as a church in the US that builds homes that are rented to community members and are never for sale. Republicans would not be happy with this approach to dodge taxes that does not allow for profit taking.
The local government would probably want to appraise the property and tax the not-for-profit.
Of interest, local US governments are now charging fees to not-for-profits for improvements like drainage projects if the no-for-profit owns property that would benefit from the project.
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