> "When they, too, fail, the stores lie vacant, and landlords, often institutional investors, are unwilling to drop rents."

And later it's said losses can be written off.

Point being, it sounds to me, like the tax code is such that it's a win if you lease, as well as a win if you don't.

That obviously drives up demand (to own such properties).

That obviously increases price / value.

That obviously increases the owners expectation on what to charge for rent.

So now we have owners who are subsidized (read: incentives with ill effects) and need not be mindful of the market.

What could go wrong?