Another reason to forgo rent is in hope of a higher payoff. Especially in California with Prop 13 of 1978, if the property owner has had a property for a long t

Another reason to forgo rent is in hope of a higher payoff. Especially in California with Prop 13 of 1978, if the property owner has had a property for a long time, they can be paying taxes as if it were a depression while charging rents (or taking out commercial loans) as if it’s a gold rush. A single property with a long-term lease signed during an economic boom can pay the taxes for many vacant properties. That’s my guess as to why property owners insist on charging high rents even if it contributes to the epidemic of vacant storefronts in my neighborhood.