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I think the article hits the most important part in all this by NOT talking about WFH and instead expanding on how these buildings are highly leveraged in such
by tmpz22 3y ago
I think the article hits the most important part in all this by NOT talking about WFH and instead expanding on how these buildings are highly leveraged in such a way that capital groups are disincentivized to revive the area via lower rents.
Instead ownership is passed to equity groups willing to wait out a downturn - in this case selling interests in a building for $1.
This isn't about handouts its about understanding the actual economic reasons and considering appropriate policies that may deter what has become a major societal drag in some cities. It is not a handout to pass laws that improve society at the cost of increasingly parasitic corporate interests.
- Projectiboga 3y agoWasn't one dollar it was one dollar plus assuming an obligation of $45 million dollars for 29% of the deal. If the other 71% is valued the same the building as lost half its peak value.