If they’re anything like greedy commercial landlords who kick out established tenants, they might be taking advantage of tax breaks while they wait and the premises sit empty, too.
Exactly. And when fewer people can afford to buy or rent because the prices increasingly exclude them, of course you’ll see fewer transactions.
This is where I think they’re miscalculating, especially in the $4-million+ true luxury segment. “Eventually” may be a decade there.
It gets a bit better in the next segment down, starting at $700k purchase prices, but it’s still excluding enough economic classes that their “eventually” also might take longer than the developer planned.
Completely different game there than with the big LLCs. If that kind of landlord isn’t greedy or stupid he doesn’t have to be a genius to have a nice little business that can chug along through multiple generations (as long as the city where his property is doesn’t completely implode economically).
