Typical political knee jerk reaction.  The suggestion that public funds should be used for private property is also interesting because when does that initiative stop?  I would like to have my plumbing and electrical systems retrofit in my house too.  It could very well be a fire hazard since it's 40 years old.
Another Democratic, liberal idea which has no financial backing to make it a reality.  Is Caldwell going to propose a tax increase, along with his rail surcharge to fund it?  Oh wait, he lives in a "historic" residence and doesn't pay property taxes, so no effect to him.  Let the Marco Polo owners figure it out and decide and keep government from trying to get involved in private matters.  And it's not like there aren't more pressing issues that the city needs to solve right now.