Why are so many big-city condos sitting empty? | About That (12:18 video)
Why are so many big-city condos sitting empty? | About That (12:18 video)
Just to make things easier for people.
The video talks about the glut of micro units having issues selling due to how undesirable they are for people actually living in them and not aligning with a more realistic price.
The numbers on why a lot of people can't hold onto these investments:
Shrinking units, the ones discussed in the video is around ~300sqft:
Substantially less of newer units are owner occupied:
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Cool, let's convert them into housing for homeless people. No I won't think about the landlords
Landlords aren't real people tbh. Fuck em.
Many of them are shell companies. We need a way to put them in jail.
How about if you own 20% of a company that is convicted of a crime, you do 20% of the time. After all, you got to benefit from 20% of the profits because of crime..
I'll settle for fines being substantially bigger than the profit obtained from the crime.
For hands-off investors, maybe. Directly responsible parties should see jail time though.
According to the video, the places aren't being built to be attractive to live in but to be cheap upfront investments for landlords (so not just small but crappy layouts and quality overall), and the majority of said landlords are "middle class" (their words) couples rather than large companies.
You know the system is broken when housing is prioritized and built for the landlords prefences and profits before being built as a functional residence.