They certainly can leave them empty. There are ~20,000 vacant units in SF where the owners have determined it’s cheaper to keep them empty than rent them out.[1]
They either keep them as second homes or hold as an investment (no tenant means when they sell the price isn't depressed).
If real estate is appreciating 10% per year and you own a $2M home, that's $200K in appreciation each year. Sure, you might get $60K per year if you rent it, but if you have rent control, you'll never be able to sell it at market rates.
They either keep them as second homes or hold as an investment (no tenant means when they sell the price isn't depressed).
If real estate is appreciating 10% per year and you own a $2M home, that's $200K in appreciation each year. Sure, you might get $60K per year if you rent it, but if you have rent control, you'll never be able to sell it at market rates.
[1]https://sf.curbed.com/2017/7/12/15961486/sf-tax-landlord-hom...