Commercial Landlords Are Down—Now California Wants to Finish the Job.
California’s Senate Bill 789 is a vacancy tax pitched as a cure for downtown decay. But tenants should ask: what happens when you tax the landlords out of existence?
The proposed bill would slap a $5-per-square-foot annual tax on commercial properties vacant for 182+ days, making it the first statewide commercial vacancy tax in the U.S. Supporters claim it will push landlords to “activate” blighted properties.
Let’s be honest—property owners want to. . .