Policy would encourage property owners to fill vacant structures and properties with business or residential tenants. Housing need is obvious, need for economic growth, particularly opportunities with increased wages, is less so but just as necessary. We need to be diligent about new development and economic displacement, and the low income and very low income housing is simply not being built. There are plenty of 'luxury apartments' that have over 10% vacancies.
There should be a City and/or County penalty for properties that are underutilized. The proceeds of the penalty would be allocated towards permanent housing solutions for low and very low income community members.
Likewise, there should be an incentive for fully tenanting properties, both commercial and residential. Los Angeles has extremely high taxes, so an incentive should be easy to determine based on grace periods and exemptions from current City and perhaps County fees and assessments.
Penalties should potentially lead to City or County foreclosure or eminent domain purchase of vacant properties, particularly condemned or 'red tagged' properties. Penalty revenue should be used primarily for the purchase and rehabilitation of acquired properties to provide housing for homeless, low income and very low income community members.
Significant vacant structures that have been used for short or long term human habitation, like cruise ships, should be included in this policy to be re-purposed for long term housing uses.
The goal of any housing policy should be to provide a cultural and economic mix in any given area; funds or incentives should include a mix of populations served in order to provide a solid basis for economic and social development to increase the strength of the greater community.