Good points, but it's probably not "empty land" we're talking about. Instead, it is an existing development which is not the "highest and best use". Prop 13 mea

Good points, but it's probably not "empty land" we're talking about. Instead, it is an existing development which is not the "highest and best use". Prop 13 means underdeveloped properties can still be quite profitable in CA, and that is what discourages redevelopment. Also, I'll add that these places are often owned by a trust. Someone in Florida is getting a check (they need) every month, and they aren't bothering the trustees to maximize the investment potential.