this post was submitted on 29 Nov 2023
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Uh oh, someone's commercial real estate investments must not be performing as well as they expected.
None are doing well. It's the next big bubble to pop and it's going to hurt real bad. Bidens plan to convert office space to residential sounds like a savior for commercial real estate but it will take years and not everyone can be at the front of the line.
For the owners....
He's giving them millions (I think actually billions) for them to make those office spaces trendy expensive condos most people won't be able to afford.
Rather than telling the disgustingly wealthy people that own those offices to pay for it themselves while prioritizing affordable housing for people who need it.
Trendy, expensive, poorly insulated, poorly suited, overly priced condos.
You can't easily convert open plan office space into suitable residential housing.
You can if it's designed to not be lived in but simply traded by wealthy investors who only ever look at a picture of the place.