Oh yeah, at the national level politics has weaponized tax policy to be a transfer payment to real estate interests. For small time shitty owners, they run off

Oh yeah, at the national level politics has weaponized tax policy to be a transfer payment to real estate interests. For small time shitty owners, they run off the books and write down “losses” while letting property crumble. In the legit economy, it’s like a variant of the Great Eskimo Tax Scam. It’s going to get crazier too - hundreds billions of dollars of real estate is underwater in NYC alone, and banks hold 60-70% of the paper.