What does Genesis 47:20 mean?

So Joseph bought up all the farmland in Egypt for Pharaoh, because everyone sold their fields—there was no other way to get food. The land ended up belonging to Pharaoh. Genesis 47:20 - Modern Text Bible

(Joseph accepts their offer and buys all the land for Pharaoh. This move centralizes power and property under Pharaoh, changing the whole structure of Egyptian society.)