However, this area is in major need of housing rejuvenation and stimulation.

As long they cite economic reasons for discharge and not their age, the law won't go after them.Is it legal?

Subtract 12 to 16% economic loss depending on the submarket and property class.Find out expenses for the similar properties and assume yours would be about the same. 

The position has a mild focus towards economic development in the downtown area.

The economics will no longer work because the musical chairs financing their poor business model will no longer work.  

Then it began to change at some point years in, to a no worries approach, and even a firm acceptance and confidence that I had a very strong product and, barring an local economic collapse, I will have far more qualified applicants than units every time...Plus, I now look forward to getting in to survey and improve units, hardening them, and a chance to do the painting, deep cleaning, and into all the nooks and crannies, and wear points, with no people, pets, permission.

On the buy and hold side I put some classic of landlord lit in my blog (all older books that should be free in the Bellingham libraries for an economical start)... 

My 10-year Real Estate Development career began as I served as Co-Chair of the Economic Development for the Over-The-Rhine (OTR) Planning Steering Committee.

Can anyone suggest where this can be done economically?  

It does not always follow economic data- and certainly not the stock market.