I guess I need to clarify:

The problem is that once the price goes up it doesn't go down, but the player in the lead can still decline to buy it. I don't remember that being possible in the original. I am fine with a set minimum price that it won't go below, but I don't think the lead bidder should be able to back out of the auction without the price reducing back to next highest bidder or the original set-minimum-price.

If you want to deprive other people of land in an auction, that's part of the game, but you have to actually buy it away from them, not just raise the price and pay nothing so it goes unsold.

I don't recall this in the original but even if it is there it doesn't make sense. There is no reason that the richest person won't run up higher than anyone else can afford then back off and bear zero consequences.

There is no auction in the universe that would decline to sell something at all just because the person with the most money isn't buying it.

I consider the game broken as a result, and it actually penalizes people who are already low on cash.