The condo craze hit Tulsa in the early 80s. Many apartment complexes decided to join it. They gave the tenants the option of 'buy it or move out'. The 1 bdr apt I lived in rented for $275.00 per month. They wanted $47,000 when they converted it to condo. I moved out.
About 3 years later, the economy is Tulsa crashed. You couldn't even buy a job at McDonald's. The official unemployment rate was 8.5% and the unofficial unemployment rate (people who had no further UE benefits so were no longer in the system) was 13.5%. Many homes were abandoned as occupants had to move elsewhere to find jobs. The condo craze ended too.
The complex I moved out of had 116 total units. When they went back to being apartments-for-rent, they had only sold about 30 units. [Their brilliant idea cost them 3 years of tenant rents on about 75% of their units.]
>> The official unemployment rate was 8.5% and the unofficial unemployment rate (people who had no further UE benefits so were no longer in the system) was 13.5%. <<
There is no "unofficial employment rate." The official unemployment rate includes not only those receiving unemployment insurance payments, but also those who are still working for work, but who no longer qualify for unemployment insurance payments.