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Leased land only gives 4,500 on construction and then just fills a slot and drops honour.
Its a building that you should never build yourself and if the enemy has a province with leased land I try to make that their last territory so I can make it a vassal province.
It takes money by denying the slot to something profitable.
It is far from useless.
The true strenght of lease land lies in a particular early game strategy.
Basically chuck your daimyo on a boat with an army, send him somewhere you never intend of taking in your campaign, attack it, loot it, build a lend lease farm to deny your enemies a slot and move on to the next spot.
Do this a couple of times then have your daimyo die in battle to erase his dishonour he built up... You can gain epic bank early game with this strategy.. like no joke you can easilly fund extra armies drawing cash purely from the amounts your drawing in from lend lease looting strategy and still have capital to spare upgrading all buildings and fielding a decent fleet to defend trade nodes.
Still, I can't really picture myself doing that, not for only the extra 3K or whatever koku it gives per slot.
You can make a peace deal with a clan that is on the brink of death and get 10-25K koku, or sell a trade deal for anywhere from 15-40K koku, and get it as lump sum to boot, without having to sail the army around, the opportunity cost, the lost turns of taking provinces that aren't going to be part of your earlier empire growth, costs from low daimyo honor, losing the daimyo and the disruption that causes, further opportunity costs of investing in a daimyo you are actually planning on loaing, etc. Plus, if later game you do take those provinces to keep permanently, you end up stuck with the Leased slot, and the town wealth will be lower than it would've been under most circumstances.