This is stupid. Why aren’t they converting some of that commercial property into residential?
“Well duh zoning laws!”
The same question applies. Why isn’t some of that commercial zone re-zoned to residential? There is a big need for more living space at the moment. Apartments, condos, could be anything.
Most folks do not want to go down the elevator from their urban apartment/condo to be greeted by homeless people in tents and needles and excrement.
Until cities clean up their streets and severely prosecute all criminals converting to residential will be a fool’s errand.
Conversion is NOT cheap, so it requires loans.