6 ms·

I wonder if she will ever end up regretting it? I feel like I've heard so many stories about people trying to hold on to stuff like this, but then either the go

I wonder if she will ever end up regretting it? I feel like I've heard so many stories about people trying to hold on to stuff like this, but then either the government or other rich entities use the law and sketchy tactics to end up getting the building in the long run, by those other means. And then the person basically gets what they were trying to save stolen, and just regretting that they tried to hold on for a battle they would never win. They end up just losing out on making money from it instead of going down fighting and getting nothing. This may also be my cynical way of looking at it, though.

ReptileMan 8y ago
Probably her best bet is to sell her air rights. The plot then becomes unattractive for devlopment.
ip26 8y ago
The other outcome that seems too-common is they hang onto it, and then once they pass their heirs sell it off cheap for a quick buck. In this case she's already a heir- but there will be heirs after her.
PakG1 8y ago
Sounds like it's not about the money for her though. But sadly, without money, the place will just deteriorate and fall apart. And who knows where that money would come from. The future is probably unfortunately already written.
- drugme 8y ago
  But sadly, without money, the place will just deteriorate and fall apart. And who knows where that money would come from. I wouldn't be worried about that. Unless there's some major structural issue at play, even a rent stabilized building can easily pull in enough income to keep the place from "deteriorating".
drugme 8y ago
What "sketchy tactics" are you referring to? Aside from an eminent domain seizure -- and these are quite rare -- there really isn't anything they can do to just "get" your building.
- stronglikedan 8y ago
  They've used eminent domain to seize assets for condos and such in the past, which I think is what OP is referring to. https://www.nc-eminent-domain.com/eminent-domain-basics/private-development/ https://www.nc-eminent-domain.com/eminent-domain-basics/priv...
  - drugme 8y ago
    But I meant ... aside from eminent domain.
    - stronglikedan 8y ago
      misunderstood - thought you were excluding EDS as a sketchy tactic
- gerbilly 8y ago
  Although unlikely in this case, but sometimes 'they' promote urban blight of entire neighbourhoods till it becomes a slum and even poor people move out, then buy the whole block of properties for cheap.
  - drugme 8y ago
    Yeah that used to happen in decades past - but as a tactic is basically apocryphal by now. Basically in a gentrifying market (i.e. the very properties "they" are after) that tactic (even if you could pull it off these days) isn't applicable.
    - floatrock 8y ago
      The ol' call-it-blight-and-seize-it trick is what happened in Wisconsin with the holdout landowners for the foxconn factory last year. Here's the top google result for example: https://www.wisbar.org/NewsPublications/InsideTrack/Pages/article.aspx?Volume=10&Issue=12&ArticleID=26461 https://www.wisbar.org/NewsPublications/InsideTrack/Pages/ar... Yeah, in wisconsin the post-blight-declaration seizure was through eminent domain instead of bankers and private investors, but honestly, the wisconsin shennanigans really blur that line.

ReptileMan 8y ago

Probably her best bet is to sell her air rights. The plot then becomes unattractive for devlopment.

ip26 8y ago

The other outcome that seems too-common is they hang onto it, and then once they pass their heirs sell it off cheap for a quick buck. In this case she's already a heir- but there will be heirs after her.

PakG1 8y ago

Sounds like it's not about the money for her though. But sadly, without money, the place will just deteriorate and fall apart. And who knows where that money would come from. The future is probably unfortunately already written.

drugme 8y ago
But sadly, without money, the place will just deteriorate and fall apart. And who knows where that money would come from. I wouldn't be worried about that. Unless there's some major structural issue at play, even a rent stabilized building can easily pull in enough income to keep the place from "deteriorating".

drugme 8y ago

What "sketchy tactics" are you referring to? Aside from an eminent domain seizure -- and these are quite rare -- there really isn't anything they can do to just "get" your building.

stronglikedan 8y ago
They've used eminent domain to seize assets for condos and such in the past, which I think is what OP is referring to. https://www.nc-eminent-domain.com/eminent-domain-basics/private-development/ https://www.nc-eminent-domain.com/eminent-domain-basics/priv...
- drugme 8y ago
  But I meant ... aside from eminent domain.
  - stronglikedan 8y ago
    misunderstood - thought you were excluding EDS as a sketchy tactic
gerbilly 8y ago
Although unlikely in this case, but sometimes 'they' promote urban blight of entire neighbourhoods till it becomes a slum and even poor people move out, then buy the whole block of properties for cheap.
- drugme 8y ago
  Yeah that used to happen in decades past - but as a tactic is basically apocryphal by now. Basically in a gentrifying market (i.e. the very properties "they" are after) that tactic (even if you could pull it off these days) isn't applicable.
  - floatrock 8y ago
    The ol' call-it-blight-and-seize-it trick is what happened in Wisconsin with the holdout landowners for the foxconn factory last year. Here's the top google result for example: https://www.wisbar.org/NewsPublications/InsideTrack/Pages/article.aspx?Volume=10&Issue=12&ArticleID=26461 https://www.wisbar.org/NewsPublications/InsideTrack/Pages/ar... Yeah, in wisconsin the post-blight-declaration seizure was through eminent domain instead of bankers and private investors, but honestly, the wisconsin shennanigans really blur that line.