Quote Originally Posted by ghettopalmetto View Post
Nonetheless, it would discourage slumlording of vacant high-rises downtown, as the owners would have every incentive to lease the space or sell the building to cover the tax liability. Such a restructuring changes the numbers game entirely as far as "feasibility" of renovation projects is concerned.

On the other hand, what happens in the case of say, a Lafayette Building, where the slumlord in question is the City itself???
In the best case scenario, it would make the Lafayette more attractive to a developer who would come in to buy it from the city. The city owned the Lafayette Building because no one was interested in owning the property. If other building owners are forced to invest into their properties and attract tenants then that would have driven up the worth of the Lafayette.