While the real estate bubble continues to deflate in many areas, there are frantic efforts to keep it up in other crucial places. Real estate has unfortunately been turned into a commodity like anything else. And is this acceptable under the preamble to the US Constitution, that establishes the goal to secure: life, liberty, and the pursuit of happiness.
That is not John Locke's trio of life, liberty and property. So if speculators are holding on to real estate, unoccupied, isn't that a form of a crime. It certainly could easily be taxed into oblivion. You own your house, you may have a small country or beach house, everything else should be taxed at a very high rate if you hold onto it for a long time. If you are holding on to something for a few months to sell it that is one thing, but no more hoarding of goods.
That's why this whole mega deal between either Blackstone or Vornado, and this creature called Equity Properties or whatever stinks to high heaven. If these buildings are worth so much, why is much of the housing market collapsing. Is the commercial market the next to go? Good questions.