> It's wild that incentives exist to make vacancy profitable. As usual with financial instruments, it's probably the result of a model being applied and the li

> It's wild that incentives exist to make vacancy profitable. As usual with financial instruments, it's probably the result of a model being applied and the limits of the model institute some perverse incentive that is not rational. In this case seems that the convoluted way of tying up property value to last rental price, and using that proxy to extend margin for loans is where this model breaks down.