TRANSLATION: “We don’t want to foreclose on these properties because they may be worthless liabilities, not assets.”
I’d like to see a lot of dead corporate real estate converted over to cheap apartments. Not low income stuff for poor people who don’t contribute. I’m thinking that a lot of young people with entry level jobs are living in Mom’s basement because local rents are $2500 a month for an apartment. Expand the number of cheap apartments and do everyone a favor.
Downtown LA? Maybe the banking industry will recognize that wokism and disestablishment of law and order is not beneficial to property values?
There is the flip side consideration that upscale commercial real-estate development may have gone too far compared to the needs of the economy - e.g. what von Mises followers would call gross malinvestment which must be liquidated and the assets put into more useful ventures.