I get that aspect. My assumption is that due to scale, location, etc., a farm that transitions from its current owner to a different owner will still be a farm with (possibly the same) employees. I don't see 30% of the farmland in Arkansas (assuming a foreclosure rate that high) suddenly becoming new-build city centers, or factories, or suburbs. It works as farmland, someone will probably buy it to use as farmland.

I don't see why it's strategically important to the US taxpayer that one millionaire own it vs a different millionaire (or corporation).