I've lived in a midwest collage town for many years. I have seen and experienced the upturns and downturns of the economy. Until a few years ago the main drag was full of run down bars and food joints. Businesses came and went on a frequent basis. Somewhere around QE2 all that started to change. A good chunk of the strip has been bulldozed and multi-million dollar apartment complexes have been built. Are these projects viable? I don't think they are, but only time will tell..
Many things become viable at a certain price, even if that price is zero.
But if the debt is not liquidated, that is the worst of all worlds - because everyone “pretends”.....owners, borrowers and tax collectors.