T. Austin Brown on Nostr: npub1alwht…urpc0 npub1csgse…ypfvq Investors don't want to buy a building with a ...
npub1alwhtjhj9s9hturhp3f4etvpfd9np50k0g35laftt39tswjeltzqrurpc0 (npub1alw…rpc0) npub1csgseza3tp4fcuu0zu5fduztgz695k8x6fqer8jtfmyqhnlvgyssmypfvq (npub1csg…pfvq) Investors don't want to buy a building with a 20-year-old tenancy, they want either their own new tenants, or to upgrade the building to have more units. So they won't buy something that's occupied. If mom and pop want to sell and move south, they have to kick out the tenants first.
That being said, we are short of units. New York is, on average, losing affordable units as the ultra wealthy replace buildings with new ones with fewer more luxurious units.
That being said, we are short of units. New York is, on average, losing affordable units as the ultra wealthy replace buildings with new ones with fewer more luxurious units.