Adjusting to rough-times in the city

There once was a city so nice that even if they only visited it a month a year many owned apartments there. And since those wealthy owners spent lavishly during their short stay, and accepted to pay any normal property taxes, the city and its long-term residents, all benefited greatly.

But then the city fell on hard times and some not too bright city authorities, decided they should impose a special tax on these 2nd home owners.

And as a result, many short-termers, given the city was for the time being just not as attractive as before, decided they were not willing to pay this extra tax, and put many of these properties up for sale… and so the prices on both 1st and 2ndhome apartments fell drastically; and with-it the assessment values; and with-it the city’s property tax income… and, of course, many of the usual visiting big spenders kept away. The city had been placed on a slippery downward slope.

What could otherwise be done? 

What about an offer of, “anyone spending at least two months in their 2nd home in the city, will get a special rebate on their normal property tax”?

What about a reduction in the tax rate applicable to the rental income of all 2nd homes in the city?

@PerKurowski