The Reagan White House moved to lower tax rates for developers in the 1980s and then years of low interest rates glutted downtowns with office buildings. Time's up.
Unfortunately, in most cities that is illegal. Zoning laws prevent turning commercial property into residential even when it is possible. It also prevents developers from building moderate, high, and even certain types of low density housing.
For the millionth time it’s not that simple. Retrofitting commercial buildings is often impossible or more expensive than just demolishing and building new which is also ungodly expensive especially with how high interest rates are right now. Unless cities step in with millions of dollars per project it’s usually not financially possible.
I live on the North end of the SF Bay Area and literally every empty lot and a shit load of pasture land and open space is currently being developed into either low income apartments, high end apartments, town houses or track homes. It’s honestly kind of shocking. Everywhere you go, new residential development.
Sonoma County supervisors were supposed to vote on a housing development plan in January, but failed to do so until August, and in the meantime there was a special rule that allowed builders to go ahead without most of the red tape they usually face. They took the opportunity and ran with it.
Actually it’s not bullshit. Most office buildings are designed with large core space where the elevators and stairs etc go. That’s not at all how apartment buildings are designed. Changing that is extremely expensive.
Buildings not even built strong enough for multipurpose use. Ahh the “efficiency” of capitalism…
Also, no one said it has to be rennovated to be exactly like normal apartments. Some mixedly shared living spaces exist in some entire cultures for crying out loud.
This might come as a shock to you but, human dignity doesn’t give a fuck about commercial real state value. Because commercial real estate owners don’t give a fuck about human dignity. So reciprocating the same level of care is fine for most.
You’re a bad person. I’m glad that you recognize that. It puts my moral judgment at ease to know that you’re perfectly aware that you are a bad person.
We have a dramatic shortage of residential property. We have a dramatic oversupply of commercial property. IF ONLY THERE WAS A SOLUTION
Middle managers: I agree. From now on you’ll be required to be in office 4 days a week instead of 2!
Unfortunately, in most cities that is illegal. Zoning laws prevent turning commercial property into residential even when it is possible. It also prevents developers from building moderate, high, and even certain types of low density housing.
In most US cities. Hmm, I wonder if we can spot a solution…
Oops, thanks
For the millionth time it’s not that simple. Retrofitting commercial buildings is often impossible or more expensive than just demolishing and building new which is also ungodly expensive especially with how high interest rates are right now. Unless cities step in with millions of dollars per project it’s usually not financially possible.
That sounds like a “them” problem.
They can watch their investments dry up and lose billions, or pivot to the new market. Not our fault they’re stuck in the 80s.
I live on the North end of the SF Bay Area and literally every empty lot and a shit load of pasture land and open space is currently being developed into either low income apartments, high end apartments, town houses or track homes. It’s honestly kind of shocking. Everywhere you go, new residential development.
Sonoma County supervisors were supposed to vote on a housing development plan in January, but failed to do so until August, and in the meantime there was a special rule that allowed builders to go ahead without most of the red tape they usually face. They took the opportunity and ran with it.
This is such bullshit. It doesn’t cost millions of dollars to add new plumbing, HVAC, and interior walls.
Actually it’s not bullshit. Most office buildings are designed with large core space where the elevators and stairs etc go. That’s not at all how apartment buildings are designed. Changing that is extremely expensive.
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Buildings not even built strong enough for multipurpose use. Ahh the “efficiency” of capitalism…
Also, no one said it has to be rennovated to be exactly like normal apartments. Some mixedly shared living spaces exist in some entire cultures for crying out loud.
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Because most non-US cultures didn’t decide to build their cities in the stupidest way possible.
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Brazil is as young as the US and, despite interference from the former, still managed just fine to build walkable cities. Japan too.
I’ll take an entire floor for the cost of one bachelor unit.
If you think that’s not fair to the building owner, I agree, they made a bad investment.
That’s what I’m saying, convert them to ridiculously high end massive floor plan condos, we don’t need whole buildings of studios and 1br
This might come as a shock to you but, human dignity doesn’t give a fuck about commercial real state value. Because commercial real estate owners don’t give a fuck about human dignity. So reciprocating the same level of care is fine for most.
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You’re a bad person. I’m glad that you recognize that. It puts my moral judgment at ease to know that you’re perfectly aware that you are a bad person.
Please. Will somebody think of the poor poor investors?
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Oh no! Too bad they don’t sell common plumbing supplies at the Home Goddamned Depot.