Posted on 04/03/2024 7:38:05 AM PDT by Kaiser8408a
Lot’s of upsides to this, but I like that big democrat cities are getting a tax haircut!
Exactly!
The big question is what the major institutional landlords (eg Brookfield) are going to do over the summer. If they decide to hand more downtown Class A buildings to the banks, it could be too much, too fast for the Junta to contain.
But it doesn’t look like they’re doing that, based on what they’ve done to date, with limited and strategic “defaults” that keep turning into renegotiations. It looks like both sides are betting on getting *any* viable tenants where pre covid they would want big accounting and law firms, they’re signing firms that would never have been able to afford those buildings. So maybe they’ll stay afloat. The real impact may well be to the outlying B and C buildings, which will have a bigger impact on the regional banks that our ruling Junta doesn’t really care so much about.
It’ll be interesting, for sure.
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