The government steals property all the time, it’s just called eminent domain. And to be fair, these aren’t Ma and Pa Kent who own these apartments - it’s almost all enormous companies worth multiple billions of dollars, keeping those $5k/year apartments at that price point because OCCASIONALLY someone will make enough to rent one. I think “hey either it needs to be rented out in some capacity within six months or we’re gonna take it and do it for you” is a good solution - sure, it’s Tammany Hall government all over again, but since that seems to be the only thing that corporations respond to now, it’s a good solution.
Complex problem, but your right abou not beingt the ma and pa owners I can’t math today, but if a tax write off is going to be the more profitable option, you’ve got a LOT of other high tax high earning income coming in.
The government steals property all the time, it’s just called eminent domain. And to be fair, these aren’t Ma and Pa Kent who own these apartments - it’s almost all enormous companies worth multiple billions of dollars, keeping those $5k/year apartments at that price point because OCCASIONALLY someone will make enough to rent one. I think “hey either it needs to be rented out in some capacity within six months or we’re gonna take it and do it for you” is a good solution - sure, it’s Tammany Hall government all over again, but since that seems to be the only thing that corporations respond to now, it’s a good solution.
Complex problem, but your right abou not beingt the ma and pa owners I can’t math today, but if a tax write off is going to be the more profitable option, you’ve got a LOT of other high tax high earning income coming in.