alt Hacker NewsYou’re right but it seems like the exact opposite scenario is usually in effect.
Particularly in the UK, landlords seem stuck in some kind of bizarre logic of “oh, nobody can rent my building, it just has to sit here being worth nothing” and “oh, you want my worthless building, then naturally I’ll need ALL your profit and more.”
There are accounting practices in place where a property value is set based on rents and that value isn't reset when a unit is vacant, but it IS reset when a new lower rent is in place through various mechanisms of valuations.