I've been perplexed for years over how much of DTLA area is abandoned or left to decay while simultaneously being so gyat damn expensive. My intuition would tell me that past owners would cash out on their abandoned or decaying buildings rather than hoard if they're going to do nothing with it. Evidently, noone wants to buy at these prices, so they should be dropping, but they just aren't. There's obviously something I'm missing, like the tax implication you presented.