Property owners are terrified of this becoming a go-to strategy, particularly funds that might have investors breaking down their door to get it to happen ("Isn

Property owners are terrified of this becoming a go-to strategy, particularly funds that might have investors breaking down their door to get it to happen ("Isn't some income better than no income?"). Residential units go for less, and even an inexpensive conversion is a capital investment of some order, so you're putting money into the building to devalue it. Alternatively, you could not do that, and your balance sheet survives to see another day. Who cares about pathologically inefficient use of existing infrastructure?