Sure you could, the value is likely to continue appreciating in the future and the tenant will eventually move or die.

Whatever small sum they're losing per month is well under the value the property gains each month in appreciating real estate value. The property is likely worth over a million right now and in 50 years it's likely to be worth 3+ million given current trends.

It's not an ideal situation, but one that any sane person would happily accept. He's basically paying into an incredibly lucrative savings account. Not to mention one that will sometime in the next few decades begin to pay out significantly to him while still appreciating in value.

Dude got a golden egg but he's upset it wasn't platinum.