> However, primary occupancy in the major properties under discussion here (the three along 57th plus the Time Warner center and a few others) is incredibly low, and basically speaks to high-end real estate bubble.

So? I don't care if you bought it to live in, to invest in, or to farm pigs in. It should be taxed according to the actual market value, which pretty much means taxed based on the price you paid for it (at least in the year you bought it).