Every website address is rented. If the owner stops renewing it, the domain name expires and, eventually, someone else can register it. Your page still links to that address, but the content behind it may now be something different.
Google's spam policies describe expired domain abuse as an expired domain name being bought and repurposed primarily to manipulate search rankings by hosting content that provides little to no value to users. Its examples include affiliate content on a site once used by a government agency, medical products sold on a former charity site, and casino content on a former elementary school site.