I think the crack house analogy is wrong. What if instead of a crack house, you stored your goods in an apartment complex where some people used their apartments for illegal activities? Police wouldn't be justified in entering or seizing apartments that they didn't have probable cause for.
The server hard drives contain illegal and legal data and they are not separately owned/occupied like buildings are. The alleged criminals own all the hard drives. Cops aren't going to weed through all of that data and then figure out who owns the legal data and then make an effort to contact and return it to them... there's no way they can do that.
There's the rub. The suspects own a company that owns the drives, but you still own your data and the copyright to it ... it's a data warehouse; it gettingg raided doesn't alter your ownership.
I think in this case, its more like the landlord was using the apartment complex for illegal activities. Maybe in that case they would be justified?