She is also a military spouse, and we are both domiciled in FL so we are exempt from CA income taxes under Military Spouse Residency Relief Act (and as documented in CA FTB 1032). 

@Tyrel McAllister In my younger days, I wanted at one point to start a business selling novelty baseball caps, we entered the investment pitch wearing off-color hats for comedic relief and were dismissed rather rudely before we could even begin.

Have they granted the same relief to other similar properties recently? 

I visited the city of hoboken tax collection website and checked out some records, and it appears that if I rent out my existing property it will still have the same property tax, which is a relief.

That way, we are building equity while benefiting from tax reliefs from renting.

Many know that the Civil Relief Act permits active duty military to break a lease when they recieve orders or depart from service.

If on the other hand a borrower was in bankruptcy and the lender went and held a foreclosure sale while the borrower had stay protection, without seeking and being issued relief to proceed to sale, that's another issue.

It's a bit of a relief to know I wasn't just imagining=P

It is a relief to know this should not scare off investors.

Service members are protected by the Servicemembers Civil Relief Act if they need to break their lease on account of a deployment or permanent change of station."