"Regarding why landlords let properties sit vacant for years… nkotsonis here has posted on prior occasions that landlords (like him) do this because it lowers the tax basis of their property. They set supply at extremely high prices calling it “market” (because some loaded — but, hah, failing — chain like Starbucks overpaid somewhere near that recently or somesuch) and let matters play out such that… 1) either someone else comes in at that nutball rate and they make greater profit margins or 2) the property sits empty, forcing the city to lower the taxes on the place considerably, enabling much larger long-term profit margins when they finally do get someone to pony up to higher rents. So yeah, long-term, they make much more profit by letting things sit empty. Whee."