Taxing Real Estate Investors Into Oblivion

Interesting article over @ Zerohedge.com about Paris raising taxe on vacant properties to get rid of the glut of them and encourage people to live in them. They started at 20% of fair market rent, and went to 60%!  http://bit.ly/2n2JqjL

Its not being done to punish people with a 2nd home, its aimed at the speculative real estate investors. Paris has 107,000 vacant homes, and New York City has over 300,000! Vancouver is doing this as well. 

Do you think its right for cities like Vancouver and Paris to tax specultive real estate investments in vacant properties?