Only then will prices correct. It’s killing small businesses in the US. A modest retail business or restaurant can’t afford the $20,000 a month they want for a tiny unit.
Their control of the market is having harmful downstream effects on society.
I think the answer has to be a punitive vacancy tax: like if a commercial restaurant space is idle for 3 months, the tax rate for every property with the same commercial owner goes up every month. These properties being idle has ripple effects throughout a neighborhood which shouldn’t take years to recover.
This has a negative impact on a city, both in driving up prices for the actual residents, and in distorting the texture of a neighborhood.
If you want to have multiple homes that sit unoccupied for most of the year, you should definitely pay a punitive vacancy tax.
A vacancy tax should also apply to landlords to encourage them to rent out units at actual market rate (rather than pretend market rate is something different for tax purposes).
(Unless court challenges were successful, not sure the status and there’s always court challenges to everything)