that is affordable, energy efficient, near transit and good jobs, and reduce greenhouse gas emissions, nearly 30 percent of which comes from the building sector.
None of that is remotely true. The renovations costs alone will be daunting. Commercial properties aren’t residential. They can be made so but it’s not cheap.
It’s not going to work. The commercial properties were the draw and had those good jobs. Those jobs left. So I am seeing subsidized ghettos in their place.
20% less expensive than full demolition and new build
We all chuckled when they started bussing immigrants into the big cities, but we never considered that this was exactly the move they hoped conservative governors would make.
They realized post-pandemic the Commercial Real Estate sector would need a ‘bail-out.’ And this press release shows the bail-out to the blue cities.
I chuckle as several of the economic people I listen to have been waiting the sector to collapse. It is collapsing and we now see what this bail-out looks like and what those loan rewrites will be. Some of this renovation housing will be in what used to be the most expensive office properties in the world. Many of those properties already had hidden on suites for executives, private kitchens etc. It will not be as big a stretch as some here think.
This solution is a combination of Obama’s vision of mixed communities and the 15 minute city. Consider all the businesses leaving the crime riddled areas. Will they be able to attract them back to the lower ‘shop levels?’ Or will these deserts?
Crocker Park in Westlake, Ohio is an example of a 15 minute city. But it is luxury suites and shops. Everything is walkable distances. The question is can this duplicated within the affordable housing communities?
I do not think it can be more or less duplicated for one stark difference, the vast difference in culture between the demographics. Until that demographic is brought back into civilized society this scheme is destined for failure. Giving or providing nice things and financial support is not going to be enough to change the whole demographic. And that is just it. It needs to be the whole demographic that changes, not just maybe 10%.