Because they have tax-free status, it's costs them $0/year to hold real estate assets and do nothing with them. They use real estate holdings to hide their real wealth and not have a bunch of liquid assets sitting around, which would be easier to steal/have seized by the feds.
DespacitOwO2 t1_j0s7ma1 wrote
Reply to Scientology tower on Chestnut. Still empty after all these years. by narkj
Because they have tax-free status, it's costs them $0/year to hold real estate assets and do nothing with them. They use real estate holdings to hide their real wealth and not have a bunch of liquid assets sitting around, which would be easier to steal/have seized by the feds.