In C# 5 and earlier, to give auto implemented properties an initial value, you have to do it in a constructor.
Since C# 6.0, you can specify initial value in-line. The syntax is:
public int X { get; set; } = x; // C# 6 or higher
DefaultValueAttribute is intended to be used by the VS designer (or any other consumer) to specify a default value, not an initial value. (Even if in designed object, initial value is the default value).
At compile time DefaultValueAttribute will not impact the generated IL and it will not be read to initialize the property to that value (see DefaultValue attribute is not working with my Auto Property).
Example of attributes that impact the IL are ThreadStaticAttribute, CallerMemberNameAttribute, ...
I think you are attacking it from the wrong angle by trying to encode all posted data.
Note that a "<" could also come from other outside sources, like a database field, a configuration, a file, a feed and so on.
Furthermore, "<" is not inherently dangerous. It's only dangerous in a specific context: when writing strings that haven't been encoded to HTML output (because of XSS).
In other contexts different sub-strings are dangerous, for example, if you write an user-provided URL into a link, the sub-string "javascript:" may be dangerous. The single quote character on the other hand is dangerous when interpolating strings in SQL queries, but perfectly safe if it is a part of a name submitted from a form or read from a database field.
The bottom line is: you can't filter random input for dangerous characters, because any character may be dangerous under the right circumstances. You should encode at the point where some specific characters may become dangerous because they cross into a different sub-language where they have special meaning. When you write a string to HTML, you should encode characters that have special meaning in HTML, using Server.HtmlEncode. If you pass a string to a dynamic SQL statement, you should encode different characters (or better, let the framework do it for you by using prepared statements or the like)..
When you are sure you HTML-encode everywhere you pass strings to HTML, then set ValidateRequest="false" in the <%@ Page ... %> directive in your .aspx file(s).
In .NET 4 you may need to do a little more. Sometimes it's necessary to also add <httpRuntime requestValidationMode="2.0" /> to web.config (reference).
Best Answer
Here's what I've found:
works with a capital V, not a lower case v (the assumption being value is a keyword used in setters typically) Lower vs upper value
does not work
Your code ends up looking like this though
Value vs. value. Not sure I'd be too fond of that.
Why not just check in the controller action if the proprety has a value or not and if it doesn't just set it there in your view model to your defaulted value and let it bind so as to avoid all this monkey work in the view?