[Lurkina.n.Learnin]

What do they do with their property? If you own a 3 million dollar loft it’s hard to just walk away. If people are leaving prices must be dropping.

[coaster123]

Sunk cost.

[coaster123]

Capital losses offset capital gains.

[mrsmith]

But if “Mr. Rich” moves to Dogpatch he’d likely save enough in taxes to make it financially advantageous to take a big loss selling that loft.
And he’d want to do it before the market for lofts fell.