alt Hacker NewsI don't disagree, but even a low overhead business is still going to be better than an empty storefront (since it means creating some business and employment than none) and a reasonable % of said vacant businesses will be turned into decent value for the community. It's something especially apparent because even the local mattress stores have closed and left said space vacant.
Ok, but you're not going to get a nifty $4 lunch bowl shop. The properties are held until Starbucks or H&R Block or whatever wants to expand. Maybe said tax makes the mattress store reopen with its one minimum wage cashier poking at their phone all day, but you won't get more than that. The investors are holding out for the big money.
The business model works because when a buyer appears looking for numerous sites for expansion, they can deal with a professional investor group that can close deals in a cinch. This greatly lowers costs, because otherwise said buyer has to employ a small army of expensive people and take years to acquire or develop properties themselves. The buyer pays a premium for the value of foregoing all that. The price covers all the years of expenses; minimum wage labor, taxes, upkeep, and a good deal of profit, after years or even decades of squatting.
Nowhere in any of this is there someone with dreams of $4 lunch bowl shops.