1. A method for managing distribution of host physical memory (HPM) among virtual machines (VMs) executing on a host via a hypervisor, each VM having guest system software including an operating system, the method comprising: reserving, by a balloon application executing in a first VM, a guest virtual memory (GVM) location in the first VM, the GVM location being mapped to a guest physical memory (GPM) location, which is mapped to a host physical memory (HPM) location, the balloon application being responsive to the hypervisor for reserving memory; writing a value to the reserved GVM location; remapping a plurality of GPM locations containing the value to a single HPM location using a content-based page sharing component of the hypervisor; reclaiming the HPM location when the HPM location is freed due to the remapping; and assigning the reclaimed HPM location to a pool of available HPM locations.