Office Building FIRESALE In Economic DOOM SPIRAL

Krystal and Saagar discuss office buildings losing value rapidly in the US.
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[@nsvo9038]

70% off gives us an idea of how overinflated prices actually are

[@iller3]

...and then they'll turn around and feign Bankruptcy, and convince the Government to buy it all off of them for "near retail value"

[@Flexible_photon]

Not really. This isn't inflation. This is the result of demand falling off a cliff.

[@Scoots1994]

You mean they are lying about the value of their real estate? For shame, guess the NY DA is going to have them all in court any minute now.

[@Sweet..letssurf]

Thats just inaccurate

[@custos3249]

It's all just retail - shirts that cost $1.24 to produce being sold for $45

[@K4R3N]

2019 was peak office culture, globally.

[@patricialongo5870]

Cities still serve the people to the billionaires on a silver platter.

[@joshuaortiz2031]

Nah office culture was already on a steep decline before the pandemic due to automation of data entry jobs, customer service jobs. The 90s and early 2000s was peak office culture.

[@K4R3N]

@@joshuaortiz2031 nah if you promote that argument then you are ignoring Office Space (the movie) which roasted office culture of late 90s/2000s. The actual Glory Days of office culture was probably the 50s/60s when they had cigar rooms, everyone had a pretty secretary and there was more money than they knew what to do with. "The Apartment" and Mad Men capture those times.

[@joshuaortiz2031]

@@K4R3N I worked in an office during the early 2000s. 1950s was probably a better era for guys, better pay, etc. but it was not so bad during my time.

[@K4R3N]

@@joshuaortiz2031 yeah I worked in an office from 2000-2019. Early 2000s I worked with a great group and still keep in touch with some of those guys. It got stupid after 08-09 and never really came back and then COVID just slaughtered whatever office culture was remaining.

[@michaellowe3665]

Let me guess, the corporations have already vacated the commercial market, and it will be the 401k investors who lose all of their client's money.

[@jonathan7249]

And i bet they VOTED a lot.. 😄😄😄

[@SurmaSampo]

Most commercial real estate is owned by corporate trusts and large scale investment funds. Selling interests in buildings takes a long time so it is highly unlikely corps have exited and if they did, they will have lost a ton of money doing so.

[@talyahr3302]

I cant afford a house. But maybe one day I'll be able to afford an office building and I'll build a family within the cubicles 😂

[@holidaytrout5174]

Imagine kids building fortd with cubicles loo

[@mr.frandy7692]

Would be perfect for starting your own cult.

[@noahd213]

It's illegal to live in an office unless you meet all residential building codes.

[@naijaplayer]

@@talyahr3302 this actually sounds kind of dope lol

[@barmstrong003]

No more bailouts. The market needs a hard reset/correction. We need to stop the printer, allow the hardships to happen so demand goes down which will drop prices on goods do to over supply. If we keep printing money to try and keep the economy afloat then we are just going to inflate the cost of everything

[@KeefChief_]

This is the weirdest approach to this topic and I’m convinced people are just parroting narratives at this point. The money hungry corporations are the only constant in your equation. Why is it that just because people in the country has more money now companies are just expected to take more from us? Why is it that billionaires are entitled to more money simply because more money is printed? The value of their wealth doesn’t go down necessarily if prices aren’t going up, ie 10 dollars still buys 10 dollars worth of stuff. But because we just assume the rich should take more simply because we have more we blame the government while the rich continue to get richer no matter what the government does because the rich know how to cover their bases through lobbying and insider trading. So there’s actually 2 constants in both sides of your equation , the rich getting richer, and citizens just willingly accepting higher prices simply because we have more money.

[@KeefChief_]

To sum up my point… it’s not okay for businesses to want to extract more money from our wallets simply because we’re a few hundred dollars richer that’s a “trickle up” effect in both sides of the economy that we just willingly accept.

[@dizzyforyou9469]

no instead the rich will send the world into war.

[@randygraham926]

Just wait until the dollars in BRICS countries start their journey homeward bound ......

[@barmstrong003]

@@KeefChief_ also it is the governments fault because they pick the winners and losers, either through bailouts or extreme regulations. The market doesn't get to decide. With the bailouts we are devaluing our currency, and causing more money to chase goods, which causes increases. A company doesn't raise its prices to just make more money. They raise their prices because their cost goes up. This is why the competition has to raise their prices too because their costs go up. If it was just because of greed, a competitor would enter and take their business due to more competitive price. But when the costs of raw materials go up, cost of health care for their employees, costs of transportation goes up, businesses have to raise their prices.

[@brent4073]

We need to stop making/letting every W2 employee from contributing 6% of their salary into their 401k and having that money get thrown into our dumpster fire of financial system....

[@peterroberts4415]

You only put 6%? I max out mine

[@michaelp6794]

A lot of those buildings cannot be retrofitted as apartments or condos. They are essentially going out to have knock them down and rebuild them. I mean, just common sense..think about the number of bathrooms that need to be added per floor, the number of kitchens that need to be added per floor and all the plumbing that needs to change and electrical needs to change.. maybe some can be hollowed out and rebuilt, but older ones no way.

[@migueralliart]

One way or another taxpayers are on the hook for all this. Senators will make sure of this.

[@leslieroeder8949]

They have already converted many office buildings near wall street to residential buildings..

[@jer1776]

Not anywhere near enough

[@roba.8907]

@@jer1776Agree, but unfortunately, it’s really expensive to do those conversions. Many developers are sitting on the sidelines waiting for fire sale prices on commercial real estate properties.

[@augustgreig9420]

2008 all over again smh.

[@ericjanke2961]

It’s a write-off for any company. Easy example of why most companies or corporations don’t pay any taxes

[@branchingoutnurseries4403]

idiotic comment. only people pay taxes, any taxes on commerce are paid for by the consumer.

[@ericjanke2961]

@@branchingoutnurseries4403 only because people let it happen that way. No one is made to purchase from said companies or corporations. Keep with your Uber capitalistic thoughts. That’s one of the reasons the country is going to shit

[@SurmaSampo]

​@@ericjanke2961Taxes are uber capitalism?

[@ericjanke2961]

@@SurmaSampo No. thinking that companies can just raise prices because they have to pay taxes. Doesn’t work that way. Only way companies or corporations can raise prices is if people let them by paying more. If people do not buy their stuff the price will come down. Big business has just snowballed people saying if they do have to pay taxes they will just pass it along to the consumer. Wrong.

[@SurmaSampo]

@@ericjanke2961 Taxes apply to all suppliers competing in a market so they all raise their prices at the same time. This may well mean fewer sales in some markets, but if the margins are low and demand is inelastic (such as energy and food) it will instead displace spending in other markets. The net effect of tax increases is similar to interest rates increases. It is also important to understand that price increases also happen in the supply chain of retail products and services so there are multiplier effects to increasing costs to all businesses. This and for other practical reasons is why businesses are not taxed on revenue nor capital.

[@squid_fish]

AI is going to doom commercial real estate in large cities IMO

[@Ralph-i5m]

How?

[@Tony-om5kr]

@@Ralph-i5m Many clerical office jobs will be replaced by AI.

[@mistermood4164]

@@Ralph-i5m AI will automate most office work

[@QuaiChandler-nn5du]

Using it to screw us in the most efficient way possible

[@TheeRedBaron]

Commercial real estate is not a bubble, good properties have no problem selling. Its the old, undesirable ones such as big offices that have less value and zoning often makes them difficult to repurpose. We are in a high inflation environment which helps real estate, and as soon as rates go down prices go up.

[@bobruda]

Given the hell NYC has become, no one wants to work in Manhattan and so buildings are empty and at fire sale prices.

[@bobbih2022]

I work for a fortune 10 company and they’re putting their foot down. Hiring and promotions will favor people going to the office.

[@SlickSimulacrum]

For what reason? Do they have legitimate evidence for the benefit?

[@anthonytwohill9726]

​@@SlickSimulacrum They do not. No such evidence exists. In fact, all the evidence points in the other direction.

[@nitrosrt4]

they can put their foot wherever they want. they are fighting the fed and will lose.

[@SlickSimulacrum]

@@anthonytwohill9726 , That did seem to be what my previous readings suggest. Bosses as it turns out, are fickle, shallow, infantile, insecure, and petty.

[@anthonytwohill9726]

@@SlickSimulacrum Correct. All the data shows that productivity is higher while worker engagement is also higher. It turns out that people reward employers who allow them autonomy. Not to mention that employees who do not have to commute are fresher workers. Even Marx understood this.

[@tonycosta3302]

Interest rates are slightly above normal. It’s housing prices that have become unaffordable. I couldn’t afford to live where I do if I didn’t buy my home a decade ago.

[@IzzyRumi]

Talk about all the Government office space left vacant! We're paying for that. Ground level store fronts are closed & not paying rent.

[@QZaccardelli]

The 3rd tallest building in Cleveland recently sold for only 54 mill. Directly across public square from sherwin’s new headquarters, which has been immediately devalued. Big time bad news for sherwin and downtown Cleveland.

[@tatersncorn]

Cities need to rezone this! What a mess!

[@BruceRiggsGamer]

Time marches on. We didn't shut off the power grid to keep the lamp lighters employed, we didn't shut off the internet to keep more libraries open, and we're not going back to working in the office just to prevent office building foreclosures.

[@EMichaelBall]

Employers may decide otherwise. We will see.

[@josephfisher426]

Forget the banks, cities rely on CRE for more revenue than they should. It's been a way to mitigate population loss... a tax on commuters, effectively.

[@richardhay645]

Office buildings are overpriced at 70 percent office. The actual value is the L and value so thar it can be demoed and replaced with other types of structures particularly apartments.

[@gogogaga7441]

The folks who engineered the pandemic are kicking themselves now.

[@oneisnone7350]

The only way this gets fixed is you pay people better and get them back in the office.

[@BHarris25]

Market usually crashes when they cut the rate, it will rally from now until then.

[@nickzucc]

A controlled demolition, is not an accident.

[@ASMR-Economics]

NYC is especially bad. People will refuse to rent the space because if they lower the rent the property will be revalued causing the loan to get called in

[@SueB-k5c]

Government should buy the buildings and get the best price to fix the buildings up FOR THE HOMELESS. Or buy all those malls that are empty and create housing, medical facility and stores FOR THE HOMELESS!

[@vmoses1979]

Well Blackstone has moved on years ago to single family homes. That is an asset class that will always see tenants unlike the wfe trend that has impacted pffice buildings. So expect regular people to pay for any commercial real estate losses incurred.

[@SpiraSpiraSpira]

When you have a 500k mortgage it is your problem. When you have a 500m mortgage it is the bank’s problem.

[@tacarat]

That's funny. "Opportunistic buyers". They weren't the FOMO speculators who bought high to try and sell higher. Buy low, sell high. Not the other way around.

[@WitoldPilecki551]

How is it "up to 70%" when the first example cited is Blackstone selling for over 90% off?

[@RyanFagan_RealEstate]

These headlines are getting ridiculously overblown

[@Juanpa__pv]

If becoming a professional that works at an office requieres a certain level of preparation now out of reach do to the cost of education, if the cost of facilitating these white collar workers are increasing in office space, and if more consolidation of white collar firms decreases the amount of firms willing and able to pay the rents … How would demand for the spaces come back ? … It’s like an economy is sustained by the amount of participation by steak holders and the distribution of the resources inside the same system And can’t be modeled only on the profit motive for a few firms .. Like if only a % of % of the economy can participate What economy is there for assets that require much more participation in its function more over than just profits incurred because of inflated pricing off of artificial means instead of capacitance of the market to support it..

[@briand5379]

I'm not feeling bad about Private Equity losing their ass, when they're not much different than shark fin fisherman. They extract everything of value out of a company, load it up with debt, and then throw the company back out there to die.

[@Stigmaru]

$1.3 million for a home in Long Beach now

[@amineaiffa]

I remember years ago people saying this day would never come. 70% off is impossible. Yet here we are today. I hear the same thing about detached houses today.

[@alexandersnow1963]

Why do people let sellers off the hook for selling to corporations or investors. The fact is, it takes two parties to transact real estate, and when given a choice between a family of 4 looking for their first house and an investor willing to pay $50k over asking, well what would you choose?

[@brendonchilders3063]

Someone please answer because I honestly do not know. In a "free market", why do banks listen to the Fed, instead of setting their own interest rates that best support their business? Wouldn't competition benefit the consumer as well and get cash flowing?

[@michaelidarecis]

Those with adjustable rates should look at their county clerk's office if MERS is on their paperwork.

[@Crim222]

I don't understand these people. All signs point to this office bubble about to really burst, who do they think is gonna come back and pay 600 million for the office? No one is gonna pay that price any time soon. If firms like Blackrock couldn't sell it anywhere close to what they paid for it, how are retail guys gonna make much profit on it?

[@buzzcrushtrendkill]

Workers are not going to have an in office presence like it was pre covid. Commercial real estate is dead, not coming back.

[@novafamily8430]

Privatize the gains; socialize the losses

[@tylerferrand8786]

Would be nice to see companies go full remote and these bulsings get repurposed for low income hiusing.... But that wouldn't happen

[@tylerferrand8786]

Oh hell here Krystal even touched on it 😂

[@chrisrhodes2]

I feel like you guys have been saying this commercial real estate crash is going to be coming for 2 years now when is it actually going to happen?

[@MrTopparwear]

On finance subs they say: The market can stay irrational longer than you can stay solvent.

[@KeefChief_]

Then ignore it… buy some more office space.

[@andrews5320]

The balance sheet for Blackstone looks fine. Over 3 billion in cash, over $4 billion in receivables, about $12 billion in total debt. Stock up 34% year over year, 2.75% dividend yield.

[@davidnevolo4402]

This has to be why the border is open. All the commercial properties will be converted to residential

[@thyslop1737]

What border?

[@davidnevolo4402]

@@thyslop1737 southern

[@Shmuk-bn7ef]

Fake crisis fake issue

[@davidnevolo4402]

@@Shmuk-bn7ef okay and if its not, my hypothesis is that theyll all end up living in empty office buildings when the commercial real estate market crashes because of remote work/ai/economic crash as a way to save that sector of the economy

[@thyslop1737]

@@davidnevolo4402 Again, what border? If you can limp you are in.

[@zaffo757]

If I owe you $500,000…you own me. If I owe you $500million…I own you.

[@genreartwithjb5095]

The only amenity I expect in a Manhattan apartment building is a communal Neapresso machine

[@justing7490]

The average person DOESNT GIVE A FUCK about commerical real estate when residential real estate is 200% what it was 5 years ago

[@FlounderBoy]

Are there any areas that commercial retail is doing good?

[@sc100ott]

Hint: City council-rezone commercial to mixed use/residential, and convert office space to lower income income housing. Multiple problems solved. 🤷‍♂️

[@Shmuk-bn7ef]

Somebody needs to pay the council about $10 million total under the table, u got that for them in each city?🧐

[@el_chavez]

They speculated and got it wrong. Let me guess, they want a bailout do to cover their gambling losses?

[@justindangersmith]

anyone who got an adjustable-rate mortgage after 2008 was not paying attention....at all

[@SilverSoul255]

No more bailouts ever again.

[@Hesham_MK]

An important question is, who are the buyers?

[@blitzme99]

we have extra office buidling capacity and an affordable home shortage. seems like a match made in heaven, but greedy ass bankers don't want to do it.

[@homelesseconomist]

Everyone saying converting the commercial buildings to residential is well intentioned and increasing the housing supply should be a top priority however landlords and rent speculators will do what they always do and so the only effective way to stop that is to tax corporate and absentee landlords who are making a profit off of the rising rents from lack of housing supply

[@StubbsMillingCo.]

4K like!!👍 and yes price increases in the housing market is due to people thinking things are worth far more than they actually are. That $100,000 property is in REALITY $70,000. I know that breaks your heart and many others but take that into consideration when you are paying $2,250 for RENT!

[@Incredible520]

Tip to the commercial real estate gurus: Put your investments by converting old commercial properties into condos, apartments (affordable), townhomes, etc... (We have a housing shortage) this is not rocket science

[@steve7236]

Signs of a financial crisis to make the 2008 financial collapse look like a practice run.

[@MADougfitness]

Crystal mentioning how they could retrofit those office buildings for residential space. She’s right about the expense and the laws. But lost me changed and the expense can be mitigated. So if the world starts moving towards a large amount of population unemployed due to overpopulation, extreme automation, Robots, and with a large need for housing and switching to a universal basic income a UBI style state you’re going to need cheap housing. Joe Rogan was talking about this not too long ago. But he threw out the ridiculous number of give everyone $200,000 a year. Why would you take away a $50,000 or less job and give someone four times what they were making. You’re taking away jobs of people that make less than $50,000 a year which is more than half of the population that’s in the workforce. You’re not gonna give them a raise. You’re gonna give them exactly what UBI says. Universal basic income. Assault small place to live small amount of food and clothes that you’ll be wearing for years. Start watching old movies like the ones that depict the future where the poor are housed in slums 12 stories high.

[@Bakerg2006]

I’m sure uncle sugar the fed will bail them out

[@diegoharo7943]

70% off compared to when?

[@wormellglover1673]

Real estate is OVER PRICED anyway.

[@phoenix5054]

No bailouts for lenders and buyers of commercial real estates.

[@todddellapenna9097]

I don’t want to see banks go broke. It’s not good for anyone, but they will not accept the loss. It will get passed onto the public and middle/ working class. If they want to look important and powerful when you are flashing the cheese, then you need to be able to accept the loss. At some point you have to grow up and act like an adult.

[@jayff0000]

Remote / flexible work is winning. The question now is what it will look like when they force the taxpayers to socialize the losses for banks and the rich owner class again.

[@robertdole5391]

That means BLACKSTONE HAS TO SELL. What else does their balance sheet look like???

[@StevenPenny]

People did this the last time around and most went into ruin, only real success story was the billionaire that revitalized downtown Detroit but he got extremely good deals and the city was behind him.

[@Shmuk-bn7ef]

What's Detroit?

[@forwadnothing8212]

IT HAS STARTED...

[@benw.6714]

Almost a trillion in losses for investors, more to come? STOP! I can only get so hard!

[@TylerChubb-c5o]

It's goin to crash, houses are like cars. once u build it it's degrading. end point. they hold value 100x better, Yes. but prices are too high we need to just stop buying, boycott.. honestly a 30-60 day boycott on ALL NON 'essentials' would do so much.... omg it would do so much...

[@shaunmiller7370]

But if they did get converted, they would not service homelessness. They would serve the well of people that can afford to live in them because people like Skyrise living having these extraordinary views, and I’ll pay money for it, but Joe average cannot afford it

[@tyvrymch]

Divine justice

[@Itsgrantsrants]

Krystal said it, policy!

[@mikepeterson9362]

hashtag "holdon" when he meant "heldon".....because of course he did.

[@joeb134]

I dont see lrives dropping as a bad thing. Property cost have been way over inflated.

[@jamalammar9745]

"if you are lucky enough to afford"..did you guys see how casual that statement was made..these are rich people discussing real people world problems..and they don't see the problem. The SYSTEM is not designed for everyone to live COMFORTABLY, it's designed for a small elite rich and the rest of the people poor and owning nothing..... These guys won't get it, they're rich

[@michaelm9351]

Krystal's hair looking so damn good today

[@harmonizedigital.]

Tax payer bail out incoming...

[@andreasbyczkowski3435]

Sarcasm/Sorry) Hey, ain’t there some backdoor way these ginormous banks etc can shift all their speculative losses onto the general public? 😜 Investors: Whatever happened to societal solidarity for losses? Thanks, we’ll keep all the gains. 🤑🤣 PS) Whatever happened to the idea of office-space conversions to housing?

[@HypocritesExposd]

No matter how much you try to guilt us into caring, voters don’t feel bad about the ultra rich losing money

[@randyrandhawa5347]

Krystal is so much more intelligent and intellectual than Sagger. Its crazy

[@davelindgren5245]

Don't worry, sooner or later the government will bail them out. What is an extra trillion or 2 on the national debt at this point.

[@somedude1901]

Some developers will buy them cheap, negotiate rezoning laws, and turn them into apartments

[@NJ-wb1cz]

Have you seen a typical office building? They tend to be square, while apartment buildings tend to be flat. Why? Because every apartment needs a wall of windows, but offices don't. Not many office buildings are suitable for having apartments due to basic geometry that can't be changed

[@Mas3452001]

Is no one going to tell my man Saagar that he has a subtle Hitler stash?!

[@1101-f6z]

it's not their money, it's YOUR money. where the f**k do you think your 401k money is? bye bye retirement they have no obligation to pay you anything. they'll just say, "it's an investment, you knew the risks"

[@43DW]

If you’re able Get your emergency savings in place people. It’s about to get bumpy.

[@johndrumpf9888]

Saagar doesn't seem to get it. Speculators pumped up the prices of these buildings for years, and companies have responded moving offices elsewhere and allowing work from home policies. I work in Silicon Valley, we've gone through this THREE times in the last 30 years. The empty office buildings in SF are not a sign of economy slowing, it's just that most of the tech workers can work from home, and many companies have saved tons of money reducing real estate costs. I have worked from home for the last few years. I only go into the office for important meetings. Same with everyone else. I previously worked for Google, and even Google has cut back on office spending, not because of economic decline, but because they realized it's just inefficient to buy or lease huge buildings, pay for maintenence, AC, security, et al, when they could cut costs dramatically and let employees work from home. Is Saagar BLIND? The economy just had it's best quarter yet, 272,000 new jobs. Manufacturing spending is at an all time high. There's been a complete turnaround in offshoring, and now significant factories are being reshored (50% of all new semiconductor fabs being built worldwide between 2024-2026 are in the US, a COMPLETE REVERSAL) There's only one major problem with the economy right now: real estate and interest rates. On every other metric, the US economy is outperforming most other G-7 economies in the world, it even had higher GDP growth than China. Europe had recessions, the US didn't. And the chief complaint -- inflation -- of which most was triggered by worldwide supply chain cuts which affected many economies -- is on a trend of reversing. Of course the MAGAtards reading this won't have a clue that most of the inflation was the result of a massive cut to OPEC production in oil in 2020, 1/3rd of OPEC oil output was cut, which took 10 million barrels off the market and drove up energy prices globally, which affect EVERYTHING. And why did OPEC cut oil production? Because, among other things, Trump demanded it, and threatened to cut military sales to the Saudis. www DOT reuters DOT com/article/idUSKBN22C1V3/ "As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters." The OPEC production cuts didn't return to normal levels until 2023, exactly when the inflation returned back to 3% levels. Almost all of the pain in the economy is the result of supply-chain cuts and greedflation from real estate speculators. But on every other fundamental, it's doing far far better than it was under Trump, especially the reshoring of US manufacturing, which was a strategic blunder by the US in the 90s. Real wages? Up. Unemployment? Down. GDP growth? Up. Market growth? Up. *Part Time and Multijobs* -- BACK TO NORMAL (to head off stupid claims that all of the jobs are low wage, nope, Federal Reserve data debunks that.) The US went through an inflation hit almost as serious as the 70s and 80s, which suffered serious recessions, and yet led the world in growth and employment. Remember 1981-82 recession that came from fighting inflation? It was much much much worse than today.

[@barbwatts1811]

New artists' studios😂

[@veronicavarela2041]

Talk about Bricks.

[@AD-ln2xu]

You make a video about BRICS

[@Shmuk-bn7ef]

🥁

[@iamjaykaye]

Sounds like someone's about to get a bailout. 🪤😔

[@Freiheit1232]

Tax payers about to pay for another bail out?

[@RandomRabbit007]

I bet that’s what will happen

[@NJ-wb1cz]

Of course

[@geneevans7885]

Yep.

[@beatrixkills1]

We take every loss of the elite and enjoy none of their benefits.

[@thisisyourcaptainspeaking2259]

kzbin.info/www/bejne/rWrHoqKMrpumsMUsi=RVV9kGzv8FEZZef0

[@cliffordmaxwell9802]

This is why they desperately wanted to force workers back into the offices after covid.

[@barnabusdoyle4930]

It’s called adapting. As soon as they told workers they can work from home for a period of time, that just created a benefit that some businesses can now offer to the employee. Now companies are dumping their expensive office spaces and having the whole team work from home and the good workers are jumping on the work from home positions. Companies that are trying to force employees to go back to the office now have to compete against companies not having to pay for office space and for the employees that can work from home at other companies. This is the new reality of office jobs, and there’s no going back. Companies need to adapt to that reality, or try to claw their employees back to the office and lose their team and run higher overheads than the companies that adapted. It’s not personal, this is business

[@jonathan7249]

​@@barnabusdoyle4930yup.. But how many times you VOTED?? 😂😂😂

[@flch95]

I was just about to type this. They also want the control and micromanaging as well though.

[@noahd213]

​@@barnabusdoyle4930 well put. I'm one of those who's willing to take a pay cut to work remote and live in a cheaper city. Companies can save on office space and salary for a negligible productivity change. It's a no brainer. RIP offices in overpriced urban slums.

[@1011skarn]

We, as a society, need to stop allowing the billionaire real estate investor class to destroy our economy.

[@chrisrhodes2]

It's almost like we could vote for candidates that don't put billionaires first but choose not to

[@bigdaddykush1830]

And Joe ..don't forget joe

[@davidrawlings7325]

@@chrisrhodes2the billions invested by the billionaires ensure the propaganda is so thick the poor see them as heroes.

[@Archeidos-Arcana]

I really wish people would stop being divided on cultural/partisan lines and just agree to organize against this crap.

[@Th3Chuzzl3r]

@@chrisrhodes2 Its almost like you forgot that the two major parties block ballot access for any other relevant canidates

[@alexh9676]

won't someone shed a tear for the banks and poor investors??

[@pbrown0829]

Your money is in those banks and you are probably an indirect investor of those funds. Unless you have no money.

[@ivywoodxrecords]

Nice lol

[@benw1620]

Pension funds will be affected by this also.

[@Semelem]

@@benw1620I don’t know a single person with a pension

[@chrisrhodes2]

​@@MurglerThis is the real reason we'll never fix our economy. To do so will hurt a generation of people's retirement options without major government backstops

[@mattheh]

Repeal whatever laws that prevent commercial buildings from being converted to residential apartments. NYC desperately needs it.

[@Elementalism]

Local zoning, which has always been a problem and contributes to the underlying costs of housing.

[@hidesinlonggrass3229]

Not apartments. Condos. Let people own something.

[@blakereid5785]

Oddly, theres a big window issue. Not that people CANT live in a place with no windows, but it would an unprecedented change….they should still do it, though. I agree.

[@josephfisher426]

Mostly it's building code. They don't have the plumbing, etc., and residential rents for less per SF, so the investment in a renovation would usually be to lose less money, not to make a profit...

[@thejoshman3843]

sorry but solving problems is not something democrats do. they think solutions are racist.

[@stu1037]

Banker: Sir, we're losing hundreds of millions of dollars on our real estate. CEO: Well, squeeze the peasants. I need my bonus. I just bought an island.

[@jonathan7249]

Nah.. The almighty Federal Reserve GODS will do their magic.. 😂😂😂

[@DB57RB]

A correction NEEDS to happen and a bailout should not be an option. No more tax payer money to bail out bad behavior by banks.