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In response to
"spare a prayer or two tonight for the poor REIT investors whose $800b in commercial real estate is ticking like a time bomb -- (link)"
by
hollywood big shot
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Or...hear me out... what if you converted some of those skyscrapers into apartments?
Posted by
zeitgeist
Jul 13 '23, 22:44
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a developer took over the old city hall of tacoma and rented out for offices. a photographer friend was one of the first in and got the penthouse with a north light window for a studio.
but then the housing boom of the early 2000s took off, they got greedy and thought they could really make bank if they converted the building into housing.
so they stopped renewing leases and kicked everyone out, halfway through the renovation...08 happened and they lost everything.
just literally, the abandoned building had the heat shut off for lack of payment, pipes froze in the winter, the place flooded (what they paid that bill?) and of course meth heads stripped the place of copper wire and anything else.
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