I don't like spending this much time arguing against campism but they just keep talking at me.
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Oh this is an easy one! Tenants just wouldn't pay rent, so there'd be no value to extract. This would be completely legal and socially acceptable (expected, even). A piece of paper saying "I own this" is just make-believe without a judicial system and police force that will enforce it.
Thanks, you are the first person out of many to provide a real answer and not just get angry at the question!
I was thinking more along the lines of a factory or a farm, but ok let’s go with a rental home.
Let’s say the billionaire’s security guards stop allowing the nonpaying tenant to access the property. Does the nonauthoritarian communist government go arrest the security guards?