[SR2Z]

> The kind of landlord who is willing to keep a property vacant is not usually a struggling enterprise, unless we are talking about a completely hollowed out declining metropolitan area (which most west coast cities absolutely are not).

In CA, Prop 13 ensures that holding costs for landlords of old buildings are virtually zero. If you throw rent control in the mix it's actually very easy to see the incentives that can keep buildings empty.

This is even more severe for commercial properties, where lowering the rent can cause an owner's mortgage to be adjusted.