Translation:
New York City is dying
Hear that? Anyone who needs an apartment building or office building, now’s your chance!
Updated Dire Straits lyrics:
“We’ve gotta move these
apartment buildings
We’ve gotta move these office buildings.”
Some folks around here confuse employees with slaves and think the corporations can order their peons to resume their old nasty commute in the office.
The middle finger is getting a lot of exercise out there...
Just wait until those doofuses who bought residential homes at hyper inflated prices go into foreclosure....that’ll be fun.
History ALWAYS repeats itself, especially when democrats are “in charge”.
I live in Wakulla, a formerly rural county just below Tallahassee. There’s still an insane amount of residential construction here. I say insane because the finished units are not selling. They’re building about a hundred-unit complex that was planned on being condos at $195k each. They’re about 1600 sq feet with half of the second floor with a 45-degree stairway. Several buildings have been completed and they’re now for lease rather than sale. Evidence indicates not one has been occupied despite three months since the most recent was finished. Still building.
This means those units will eventually be Section 8 housing. They will be a ghetto.
If demand drops will prices drop? Will creative financing increase? Will contract sales increase where the owner can get out of management but lose any future increase in price...plus risk on both sides?
Companies forcing workers to return to the office get two benefits - they keep the lenders happy, and they can downsize without layoffs.
Will be confiscated or at best discounted prices if the owners are lucky to be used for housing the mentally ill homeless, watch..........
Pfascist rent “moratoriums” would keep any smart potential landlord away.
You can’t have pervasive apartment living in a Tower of Babel society. People want to be with their own kind.
Even in Euro-centric America, places like upstate NY where I am from, people sectioned off in areas according to ethnicity. There were Polish areas, Irish areas, German areas...etc.
NYC has always been and still is, for the most part, like this. Dominican areas, Russian areas, etc
Rents mostly doubled. Why sell in that market?
No one wants to get into/further into the business as long as blue states are enacting “good cause eviction” laws that make it all but impossible to remove bad tenants.
They are building these in Sarasota like CRAZY!
Create a worldwide pandemic
Hand out rent moratoriums to RENTERS
Freeze rents
Hold landlords & banks hostage for mortgage payments
Cripple the entire mortgage/rental industry with ‘rules’.
Doesn’t take long for landlords to QUIT
For every buyer there is a seller?
So is this REALLY bad news?
Is it even News?
Do nearly no Freepers read past the headlines?
Here’s the reason why
“Over the past six months, however, rents have plateaued while the Fed has continually hiked interest rates, making it more difficult to finance real estate purchases. Because of the increase in liquidity during the pandemic, many buyers acquired their properties at record-high prices, making it especially difficult to now sell off the assets.”
Simple economics and financial logic.
Which are hard to grasp for all too many