alt Hacker NewsThough I am pro-LVT, I don't think this will help in the current situation.
The owner, the bank, and the city all wish to maintain the illusion that a $10M building from 2010 is still worth at least $10M today, even vacant. No party wishes to realize the loss in value. Occasionally, the city may try to punish vacancy with a tax, which is still about additional revenue and not about realizing diminished value.
Let’s assume that 10m is the land and it’s a 5% tax. That means the bank is paying 500k a year to keep an empty property. That’s real cash flow problems.