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and thats the problem. if you watch any of Louis Rossmans videos on NYC real estate he explains the Issue. Buisness dump invested money into expensive building

and thats the problem. if you watch any of Louis Rossmans videos on NYC real estate he explains the Issue. Buisness dump invested money into expensive building. If no one rents then it stays vacant. Why vacant, isnt the landlord going to lose money? well yes but if he rents a lower amount then his valuation goes down and he is suddenly upside down on his loan. So he is compelled to not rent versus renting it. Add to this governments make more tax yearly if its valued hire and now there is no incentive to fix this.

novok 5y ago
You'd think a speculation & vacancy tax would solve this, but doesn't seem to as seen in BC, Canada :( More about the tax: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy... https://vancouversun.com/business/real-estate/three-years-in-has-b-c-s-speculation-and-vacancy-tax-made-a-difference https://vancouversun.com/business/real-estate/three-years-in...
- Dylan16807 5y ago
  That tax appears to be .5% or 2%? That's not very much for someone that's already giving up rental money. Let's try 8%.