[GAB-1955]

But the city doesn’t own the building. They own the ground. This is a key difference on the East Coast, especially in a city like Baltimore. The city is raising the price of ground rent.

[Melas]

But the city doesn’t own the building.

The city owns the building. That's what happens when you build on land not your own. This is true everywhere. If you build a building in New York City, on city property (which is common), the building belongs to the city unless you have a iron clad contract that says otherwise. In the absence of such a contract, the city gains ownership of the building. NYC won't sign off on such a contract without dozens of defaults stipulated in which the building owner can default and lose the building. Ask Donald Trump. He has a story to tell on this one.