convert them to “migrant” shelters. suck on the government tit. problem solved.
This and POLITICS is the real reason a lot of companies are trying to force employees back to the office against the wishes of most workers. Local politicians are really scared seeing the collapse of commercial real estate, tax revenue and eventually a big hit to residential real estate in their cities if hundreds of thousands of White collar workers cannot be forced to waste their time and money commuting in to office buildings 5 days a week. So those politicians are applying as much heat to corporate bosses as they can to force employees back in.
Its still failing. People just don’t want it.
I generally oppose government “solutions” and spending.
But I think the country has an over-abundance of corporate real estate and a critical shortage of affordable residential real estate. Perhaps if government got out of the way we might be able to return to the days when young people could afford to house themselves.
It’s only going to get worse. Commercial space is considered “occupied” if it is under lease and the lease payments are being made — even if the space hasn’t been used since 2020. As these leases expire, the flood of vacant commercial space on the market will become a tsunami.
And then I wonder what LA. will look like in say, fifty years.?
Next up, real estate bail outs
To quote Jeremy irons in margin call: this is it.
Why should companies which are already suffering under a sluggish economy pay inflated rent for expensive office space they can replace with a much, much cheaper virtual office with shared receptionist and shared conference facility?
The business model of a city has been failing for a century.
The way to make housing affordable to shut down all airports within 50 miles of unaffordable housing.
The federal government owns the airspace and has the power to block airport operation.
Rich people and the corporations they run will shun areas where their private jets can’t take off or land.
It does no good for NYC to insist a building have 50 ‘affordable’ apartments when 20 buses with 55 invaders each are arriving at NJ Transit rail stations each day.
Building back better huh Joey.
They’ll be putting illegal invaders into these buildings free of charge. Bet the farm on it.
“Atlas Shrugged” immediately comes to mind.
clickbait garbage
bttt
But the building owner made an offer my company couldn't refuse, and they kept the space. My company figured the value of having a place to store crap, have conference rooms for the occasional in person meetings was worth the low low price they got to renew.
The suburban office park where this is at probably has 50% vacancy right now.