December 5, 20195 yr This is a periodic reminder that in the vast majority of the country -- everywhere except for a few of the most expensive neighborhoods in a few of the most expensive cities -- displacement due to disinvestment is a much bigger problem than displacement due to investment (a.k.a. "gentrification").
December 5, 20195 yr 55 minutes ago, taestell said: This is a periodic reminder that in the vast majority of the country -- everywhere except for a few of the most expensive neighborhoods in a few of the most expensive cities -- displacement due to disinvestment is a much bigger problem than displacement due to investment (a.k.a. "gentrification"). Replied on Twitter: "In pretty much every city in America, the choices are "gentrification", or additional sprawl. Period. People with options are not going to move somewhere and not change it in a manner that makes them more comfortable. Culturally as much as physically."
December 5, 20195 yr People (in my opinion, incorrectly) define gentrification as neighborhood change
December 5, 20195 yr 13 minutes ago, CbusTransit said: People (in my opinion, incorrectly) define gentrification as neighborhood change I think that's accurate. There are a small number of cities where displacement through gentrification is a real problem (e.g., San Francisco, NYC, DC) and work needs to be done in those cities to try to ensure that existing residents aren't totally pushed out. In most other places where it is talked about, people use the term gentrification largely to oppose change to neighborhoods, development, or an influx of new people. The use of the term gentrification to oppose new people moving into an area is the most pernicious in that it's fundamentally exclusionary in nature and is little better than saying certain groups of people aren't allowed to live in certain areas. All that said, I think there would be way less inappropriate uses of the term "gentrification" to express these other ideas if greater public dollars were being spent ensuring that affordable and well-located public and/or affordable housing options are available.
December 5, 20195 yr "gentrification" in the rust belt is not a problem at all for the most part. If people want economic diversity in the city, then rich people will need to move into city neighborhoods. Otherwise they will move out to the exurbs.
December 5, 20195 yr 7 minutes ago, freefourur said: "gentrification" in the rust belt is not a problem at all for the most part. Yet ... I think the shoe will start to pinch as redevelopment in Hough accelerates. Remember: It's the Year of the Snake
December 5, 20195 yr Jane Jacobs used the term unslumming to talk about neighborhoods that were recovering from a period of decline and neglect. These were vibrant if rundown and poor neighborhoods with lots of people. The houses that were starting to look ragged got painted and gussied up, the stores got new lights and displays, and overall they just sort of picked back up where they were before things stalled. I think what's a bit different now is that such neighborhoods have fallen so hard for so long, that there aren't really slums in the way that there used to be. Today, such neighborhoods have lost their activity and are best described as decanted. They can't easily be reoccupied, since the buildings require total rehab, if they haven't already been demolished. New investment tends to be more "catastrophic" because what's existing has fallen too far below baseline acceptability that slapping on some paint and new finishes isn't enough. The thing is, as the tweet points out, a neighborhood in such a condition has so much empty space that the idea of displacement is borderline laughable. The people who are supposedly being displaced are the ones who would live somewhere else if they could anyway. True gentrification seems to be more along the lines of displacing of middle or even upper middle income people by those in the top brackets. That's San Francisco in a nutshell, as well as NYC and Washington DC. Yes it happens in Chicago too, such as Lincoln Park where already expensive 3-flats are being converted into single-family mansions. There's pockets of this sort of thing happening in OTR as well, but the thing is, there's so many other neighborhoods nearby, if not just a few blocks away, that are still at or near rock bottom. It's not really a problem until it becomes a city-wide or region-wide phenomenon.
December 5, 20195 yr 12 minutes ago, jjakucyk said: The thing is, as the tweet points out, a neighborhood in such a condition has so much empty space that the idea of displacement is borderline laughable. Also, anti-gentrification people deny that houses are just plain expensive to build, rehab, and maintain. The reason why so many city neighborhoods were so cheap for so long was because tract housing in the suburbs was a lot cheaper to build than the equivalent number of homes and units in established neighborhoods. Now that banks have stopped 50+ years of reckless lending to new suburban construction, costs of existing housing are ticking upward to what they would have been all along.
December 8, 20195 yr On 12/5/2019 at 2:38 PM, gg707 said: I think that's accurate. There are a small number of cities where displacement through gentrification is a real problem (e.g., San Francisco, NYC, DC) and work needs to be done in those cities to try to ensure that existing residents aren't totally pushed out. In most other places where it is talked about, people use the term gentrification largely to oppose change to neighborhoods, development, or an influx of new people. The use of the term gentrification to oppose new people moving into an area is the most pernicious in that it's fundamentally exclusionary in nature and is little better than saying certain groups of people aren't allowed to live in certain areas. All that said, I think there would be way less inappropriate uses of the term "gentrification" to express these other ideas if greater public dollars were being spent ensuring that affordable and well-located public and/or affordable housing options are available. Perfectly said. Everybody thinks their neighborhood should be for people like them and people who are different from them shouldn't be allowed to live there. Very tiresome to me.
December 8, 20195 yr 9 hours ago, X said: Perfectly said. Everybody thinks their neighborhood should be for people like them and people who are different from them shouldn't be allowed to live there. Very tiresome to me. but don't come to Shaker Square ????
December 20, 20195 yr The city Of Cleveland REALLY needs to adopt loop legislation. https://www.news5cleveland.com/news/local-news/cleveland-metro/cleveland-residents-demand-change-in-city-tax-abatement-guidelines Edited December 20, 20195 yr by Sapper Daddy
December 20, 20195 yr 8 hours ago, Sapper Daddy said: The city Of Cleveland REALLY needs to adopt loop legislation. https://www.news5cleveland.com/news/local-news/cleveland-metro/cleveland-residents-demand-change-in-city-tax-abatement-guidelines For those of you who, like me, didn’t know what loop legislation is, it’s briefly described in the article: “Senyak (with the Lincoln Heights Block Club) said Cleveland must adopt a Long Time Owner Occupant Program or "loop legislation," effective in cities like Philadelphia. The program gives long time homeowners a limit on how high their tax increase can be year-to-year, if they meet certain lower income requirements.” ”Cleveland Councilman Kerry McCormack said he agrees loop legislation is needed and pledged to fight for passage of a similar law. “Loop legislation to me is one of the most important things to do in the city of Cleveland," McCormack said. “We’ve got to work with the county and the state to ensure that our long term owner occupied seniors are able to enjoy the neighborhood that they’ve loved for four decades. We want to hear from the folks that live in our neighborhoods, we can’t just make everything up at city hall.”” When is the last time I-71 turned a profit?
December 20, 20195 yr 3 hours ago, Boomerang_Brian said: For those of you who, like me, didn’t know what loop legislation is, it’s briefly described in the article: “Senyak (with the Lincoln Heights Block Club) said Cleveland must adopt a Long Time Owner Occupant Program or "loop legislation," effective in cities like Philadelphia. The program gives long time homeowners a limit on how high their tax increase can be year-to-year, if they meet certain lower income requirements.” Our local version (Montgomery County, Maryland) says properties will be appraised every five years and any resulting change phased in at 20% per year. There is no income limit, since when the law was passed in the 90s property values were rising by 50% with every appraisal and the middle class was hurt badly. Although values have been rising much more slowly lately , the law still seems reasonable to me. The premise is that gentrification is good and in most cases desirable, but incumbent property interests should get some buffered protection. It also gives the county a fairly predictable revenue flow, especially important when after 2008 property values fell. Edited December 20, 20195 yr by Dougal Remember: It's the Year of the Snake
January 7, 20205 yr The G word is so overused and misused at this point that any time a product is improved or gains more widespread appeal, people say it is being "gentrified". A few years ago, people started talking about the "gentrification of marijuana." Now it's the "gentrification of comic books":
January 7, 20205 yr 24 minutes ago, taestell said: The G word is so overused and misused at this point that any time a product is improved or gains more widespread appeal, people say it is being "gentrified". A few years ago, people started talking about the "gentrification of marijuana." Now it's the "gentrification of comic books": Just as much as being able to embed tweets are a sign of online forum gentrification. ? “All truly great thoughts are conceived while walking.” -Friedrich Nietzsche
January 7, 20205 yr I agree. When this forum upgraded from SMF to Invision Community, it really lost a lot of its unique character and wealthier people started moving in.
January 7, 20205 yr On 12/20/2019 at 8:06 AM, Boomerang_Brian said: For those of you who, like me, didn’t know what loop legislation is, it’s briefly described in the article: “Senyak (with the Lincoln Heights Block Club) said Cleveland must adopt a Long Time Owner Occupant Program or "loop legislation," effective in cities like Philadelphia. The program gives long time homeowners a limit on how high their tax increase can be year-to-year, if they meet certain lower income requirements.” ”Cleveland Councilman Kerry McCormack said he agrees loop legislation is needed and pledged to fight for passage of a similar law. “Loop legislation to me is one of the most important things to do in the city of Cleveland," McCormack said. “We’ve got to work with the county and the state to ensure that our long term owner occupied seniors are able to enjoy the neighborhood that they’ve loved for four decades. We want to hear from the folks that live in our neighborhoods, we can’t just make everything up at city hall.”” this is definitely needed. some long-time residents on the near west side had their property taxes nearly double. these are good residents who unfortunately are usually on fixed incomes. they are being priced out. much more important than gentrification of comic books or whatever.
January 7, 20205 yr Young adults writing about Gentrification in the United States have no firsthand experience with how bad downtowns were or how dangerous the worst urban ghettos were in the second half of the 20th century. Just wait until one of them decides to write a criticism of the term "urban pioneer".
January 21, 20205 yr Brooklyn Borough President Eric Adams said what?? "...go back to Ohio..." lol http://www.mainstreetpainesville.org/
January 21, 20205 yr 10 minutes ago, eastvillagedon said: Brooklyn Borough President Eric Adams said what?? "...go back to Ohio..." lol He says that "not everyone comes to our city with the spirit of being part of our city" and mentions new arrivals to neighborhoods that "were once waking up to gun shots and not alarm clocks." I'm confused at what he's saying there. I might be completely missing his point, but is he suggesting that you are only welcome if you take part in the spirit of "waking up to gun shots and not alarm clocks"?
January 21, 20205 yr 1 minute ago, TH3BUDDHA said: He says that "not everyone comes to our city with the spirit of being part of our city" and mentions new arrivals to neighborhoods that "were once waking up to gun shots and not alarm clocks." I'm confused at what he's saying there. I might be completely missing his point, but is he suggesting that you are only welcome if you take part in the spirit of "waking up to gun shots and not alarm clocks"? Not sure if he meant exactly what he said. I think he's saying that the largely white yuppie population that overtakes neighborhoods during gentrification ignores the existing culture, like working class ethnics and people of color from far less privileged backgrounds. These newcomers then pretend they "discovered" the neighborhood, which of course, is false, and a insult to those whose families may have lived there for generations. I can certainly understand the resentment. http://www.mainstreetpainesville.org/
January 21, 20205 yr See, I've never bought that argument about new residents, or least at those with disposal income, "ignoring the existing culture". Like, what does that even mean? New residents add to a neighborhood's culture, which should always be changing and evolving. They eat there, invest there, support community organizations, and, god willing, even send their kids to schools, thereby diversifying classes. There has often been an odd race-to-the-bottom tone with anti-gentrifiers, and they invent suspicions or displacement, racism, and make comments similar to "ignoring the existing culture" probably, because in the end, too many of them are part of the neighborhood's problems/challenges in the first place. Edited January 21, 20205 yr by TBideon
January 21, 20205 yr 14 minutes ago, eastvillagedon said: Not sure if he meant exactly what he said. I think he's saying that the largely white yuppie population that overtakes neighborhoods during gentrification ignores the existing culture, like working class ethnics and people of color from far less privileged backgrounds. These newcomers then pretend they "discovered" the neighborhood, which of course, is false, and a insult to those whose families may have lived there for generations. I can certainly understand the resentment. I agree with this. The way he worded it will definitely not help his cause, though.
January 21, 20205 yr 3 hours ago, eastvillagedon said: Not sure if he meant exactly what he said. I think he's saying that the largely white yuppie population that overtakes neighborhoods during gentrification ignores the existing culture, like working class ethnics and people of color from far less privileged backgrounds. These newcomers then pretend they "discovered" the neighborhood, which of course, is false, and a insult to those whose families may have lived there for generations. I can certainly understand the resentment. Let's not pretend the residents living there now discovered the neighborhood either. The neighborhoods in New York City were ethnic enclaves for hundreds of years that changed demographics numerous times. New people change the neighborhood all time, so get with the flow. I love how people argue the arrival of yuppies or empty nesters with money displaces culture in the neighborhood. Let's be real, low income neighborhoods aren't ethnic enclaves anymore. In Cleveland, Glenville isn't Jewish anymore, Buckeye-SHaker is no longer Hungarian, Tremont is no longer Ukranian or eastern European and they haven't been for over 50 years. The culture that exists in the neighborhoods are mostly found in the culinary scenes and festivals. Is the anti-gentrification crowd going to argue new residents aren't going to patronize these establishments, because I'd argue otherwise. New residents aren't calling the police just because your playing dominoes. It's probably because your making a ruckus at 3am playing dominoes while people are trying to get sleep for work the next day.
March 10, 20205 yr Posted in its proper thread.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 10, 20205 yr Those hypocrites should take a nice long stroll throughout Fairfax to assuage their fears. No one is being out priced out of Cedar or Quincy despite the Cleveland Clinic's enormous presence. Metro's expansion isn't displacing anyone.
March 10, 20205 yr The last time I was near the Cleveland Clinic, which was about 10 years ago, it was surrounded by overgrown lots. I saw a doctor hiding in the overgrowth smoking a cigarette.
March 10, 20205 yr There still isn't much to see and do in Fairfax, despite so many decades of the Cleveland Clinic and UH building. Hospitals just aren't economic incubators (or whatever the word is) for ancillary businesses, rising property taxes, booting out elderly, raping cultures, etc.
March 10, 20205 yr Because Cleveland Clinic built inward from a bunker-like exterior. It was afraid of the surrounding neighborhood and its insular building design and relationship with Fairfax and Hough showed it. Only until very recently (like the last year or two) have Clinic execs and the civic community tried to do something about having UC's job creators have a more positive influence on the surrounding neighborhoods. I wrote about those efforts here: http://neo-trans.blogspot.com/2018/08/leveraging-boomtown.html And I zeroed in on them here: http://neo-trans.blogspot.com/2020/03/cleveland-clinic-fairfax-seek-homes-biz.html Even MetroHealth, which expanded its hospital in the postwar years in the same bunker-like manner as CC is doing more to positively benefit and interact with the surrounding neighborhood, including the Metro North and Metro South housing developments: https://neo-trans.blogspot.com/2019/12/25-on-25-twenty-five-developments.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 20, 20204 yr A tweet by a Cleveland ex-pat, now living in DC "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 29, 20204 yr Aside from the racism is the classism. People shouldn't be bothered with seeing poverty, I guess that's what unemployed coal miners wanted
July 29, 20204 yr It's no wonder cities like Cleveland have such problems with tax base revenue and concentrated poverty when County public housing association like the CMHA only place their public and low income housing projects in the urban center, effectively giving suburbs like Strongsville the upper hand in attracting higher middle class families. This solves nothing, it just creates worsening conditions of poverty in urban centers.
July 30, 20204 yr 6 hours ago, AsDustinFoxWouldSay said: It's no wonder cities like Cleveland have such problems with tax base revenue and concentrated poverty when County public housing association like the CMHA only place their public and low income housing projects in the urban center, effectively giving suburbs like Strongsville the upper hand in attracting higher middle class families. This solves nothing, it just creates worsening conditions of poverty in urban centers. What tax base problem? Are you referring to the income tax, perhaps? The city's largest tax revenue source has increased 50 percent since 2015 -- of that, 15 percent came after the tax rate was changed. The city's budget is swimming in extra funds. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 17, 20204 yr I don't know Seattle well enough to comment on this with any specifics, but let's get real - in a city with no room to expand and a ton of new money, home prices are going to soar. Houston and Dallas can and do expand endlessly in all directions. Each of them are almost 2x as big as Seattle but the home prices are lower. https://nypost.com/2020/08/14/seattle-blm-protesters-demand-white-people-give-up-their-homes/
August 18, 20204 yr I don't really think that being landlocked is a valid excuse to limit development and allow real estate prices to soar. Go 1 mile east of Downtown Seattle and you hit a bunch of single-family neighborhoods. Go 1 mile south and you hit a large pocket of nothing but warehouses and drive-thrus. These could easily be upzoned, allowing for the construction of new urban neighborhoods where tens of thousands of people could live. The addition of more market-rate apartments would help keep rents down, and a percentage of the units could be reserved as subsidized/affordable housing. You just need to political will to fight the NIMBYs who believe that every convenience store and mediocre single-family home is a historic treasure that must be preserved in amber for the rest of time.
August 18, 20204 yr Seattle has NIMBY's to a degree we can only imagine in our nightmares here. They have successfully upzoned a lot of the neighborhood commercial areas and are turning them into very dense "urban villages", and they have probably the strongest Downtown growth of any city in the US.
August 18, 20204 yr On 12/20/2019 at 8:06 AM, Boomerang_Brian said: For those of you who, like me, didn’t know what loop legislation is, it’s briefly described in the article: “Senyak (with the Lincoln Heights Block Club) said Cleveland must adopt a Long Time Owner Occupant Program or "loop legislation," effective in cities like Philadelphia. The program gives long time homeowners a limit on how high their tax increase can be year-to-year, if they meet certain lower income requirements.” ”Cleveland Councilman Kerry McCormack said he agrees loop legislation is needed and pledged to fight for passage of a similar law. “Loop legislation to me is one of the most important things to do in the city of Cleveland," McCormack said. “We’ve got to work with the county and the state to ensure that our long term owner occupied seniors are able to enjoy the neighborhood that they’ve loved for four decades. We want to hear from the folks that live in our neighborhoods, we can’t just make everything up at city hall.”” "Senyak bristled after consultants at the meeting told him loop legislation must be enacted at the state level"That's what the Tremonster does best. Other than snitch. The irony is it's really a good idea, but if he supports it there is a temptation to oppose it. Edited August 18, 20204 yr by E Rocc
August 18, 20204 yr One thing that never really seems to be considered, is at what point does gentrification exhaust itself? When is there no more demand for upscale housing in the city? I don't think that that limit is very close to current conditions in cities like San Francisco or Seattle. But in Rust Belt cities, southern cities, and some northeast cities like Philly, Baltimore, and New York, how many more "market rate" units can be built before demand slows down and gentrification is slowed down?
August 18, 20204 yr On 3/10/2020 at 5:31 PM, KJP said: Because Cleveland Clinic built inward from a bunker-like exterior. It was afraid of the surrounding neighborhood and its insular building design and relationship with Fairfax and Hough showed it. Only until very recently (like the last year or two) have Clinic execs and the civic community tried to do something about having UC's job creators have a more positive influence on the surrounding neighborhoods. I wrote about those efforts here: http://neo-trans.blogspot.com/2018/08/leveraging-boomtown.html And I zeroed in on them here: http://neo-trans.blogspot.com/2020/03/cleveland-clinic-fairfax-seek-homes-biz.html Even MetroHealth, which expanded its hospital in the postwar years in the same bunker-like manner as CC is doing more to positively benefit and interact with the surrounding neighborhood, including the Metro North and Metro South housing developments: https://neo-trans.blogspot.com/2019/12/25-on-25-twenty-five-developments.html CWRU did the same to a degree. Let's be honest, there were good reasons to do so for all three. As alluded to upthread, those neighborhoods could be dangerous to those who lacked awareness. That's changed to a large degree. But people with options aren't going to move somewhere they are uncomfortable. The reasons don't need to be illegal, or even malicious.
August 18, 20204 yr 18 minutes ago, ryanlammi said: how many more "market rate" units can be built before demand slows down and gentrification is slowed down? Rental and single-family home prices cratered in almost all U.S. cities 1970-2000 because banks lent recklessly to suburban homes, suburban condominiums, time shares, and vacation homes at the same time that birth rates declined by 25%. Post 2008, the banks stopped lending for spec suburban projects and especially condominiums. Meanwhile, the echo boom became adults (live births dipped from 4 million to 3 million in the 70s and then back up to 4 million by 1990).
August 18, 20204 yr 22 minutes ago, ryanlammi said: One thing that never really seems to be considered, is at what point does gentrification exhaust itself? When is there no more demand for upscale housing in the city? I don't think that that limit is very close to current conditions in cities like San Francisco or Seattle. But in Rust Belt cities, southern cities, and some northeast cities like Philly, Baltimore, and New York, how many more "market rate" units can be built before demand slows down and gentrification is slowed down? Well that's the point of the YIMBY movement. If you build, build, build market rate housing the supply will catch up with demand and housing affordability isn't as much of a problem.
August 18, 20204 yr Agreed. That's what I think the anti-gentrification movement misses. Developers are always going to focus on building "luxury" apartments because that's the most profitable thing for them to do. The reason that most of the new construction in Downtown Cincinnati / OTR is for "luxury" apartments is because we only have a few apartment buildings under construction right now. But, if we had way more apartment buildings under construction, they couldn't all be luxury because the market wouldn't support it. Speaking of Seattle, rents started falling in early 2019 (way before Coronavirus!) because supply was outpacing demand. In most cities, if you let developers keep building and building and building, eventually rents will stabilize or even fall. Efforts to block new construction because of "gentrification" just leads to...more gentrification! Go figure!
October 25, 20204 yr The Stages of Gentrification, as Told by Restaurant Openings Data from city restaurant inspections, rental prices, and census figures, show how restaurants and gentrification are interconnected As white-collar jobs and tech businesses attract more young American professionals to cities, these gentrification trends show up in data from around the country. In San Francisco’s Chinatown, for example, banquet halls that have existed in the community for decades are competing with new Michelin-starred halls. In the Bushwick area of New York City, the four or so dive bars that existed in the once predominantly working-class Latinx neighborhood a decade ago now sit alongside dozens of swanky new watering holes catering to the influx of young urban professionals. Portland’s Black population is being pushed to the city’s outskirts, farther and farther away from the city’s buzziest new restaurants. To make matters worse, the COVID-19 pandemic prompted many small businesses to close for good. Reports show that 60 percent of restaurants that have closed since the onset of the pandemic have shuttered permanently. There is consequently a growing fear that large chains and bigger businesses will capitalize on failing small businesses and buy up empty spaces in working-class neighborhoods if stakeholders don’t act soon. This could only speed up the changes happening across American cities. In order to explore the relationship between restaurants and gentrification, Eater requested restaurant health inspection data from several U.S. cities, using the data to estimate how many restaurants are in each city and where they’re located. https://www.eater.com/21194965/gentrification-signs-restaurants-cafes-bars-nyc-chicago-san-francisco-portland Now here's what was new to me -- we here on urban sites tend to think that new restaurants are a sign of gentrification, but as gentrification enters its late stages as seen in NYC and SF the number of restaurants actually goes down: The median price of a home in San Francisco is $1.3 million today, compared to $650,000 in 2000, according to Zillow data. Apartments there are also charging some of the highest rent and housing prices on earth. As a result, the employees who staff businesses can’t afford to live in the city, while smaller enterprises have closed because they couldn’t make the rent. This is especially true for restaurants: Based on health inspection data, restaurants in the city have decreased by 44 percent in the last five years. COVID-19 is not going to help this at all. Universal Couchlock + food delivery "tech" scams aren't either.
October 26, 20204 yr I think gentrification might not be the exact term here? What we are seeing is consolidation of capital, which is something that can accelerate in bad economic conditions. Anecdotally I have heard of New Yorkers complaining for years about small businesses going under due to unable to pay rising rent, and then they get replaced with a Bank of America, a Duane Reade, or a Starbucks, etc because those are the only tenants that can afford the rent. This seems similar, but even worse because of the difficulties of operating a restaurant these days.
October 26, 20204 yr I see what you mean. Rather than late-stage gentrification it is post full gentrification. The area is treated like a mall during the '70s-'90s or the area near a new Wal-Mart today.
October 26, 20204 yr 1 hour ago, Cavalier Attitude said: Anecdotally I have heard of New Yorkers complaining for years about small businesses going under due to unable to pay rising rent, and then they get replaced with a Bank of America, a Duane Reade, or a Starbucks... ...or nothing. This happens with apartments in San Francisco too. The return on rents in the rest of the building (or all the other amalgamated properties) is so high that they can leave units vacant while waiting for a new rockstar tenant that'll sign a 10-year lease. Do some token upgrades in the meantime to move it even further upmarket.
October 26, 20204 yr 2 hours ago, jjakucyk said: ...or nothing. This happens with apartments in San Francisco too. The return on rents in the rest of the building (or all the other amalgamated properties) is so high that they can leave units vacant while waiting for a new rockstar tenant that'll sign a 10-year lease. Do some token upgrades in the meantime to move it even further upmarket. Actually under some commercial leases the building owner is *required* per their mortgage to charge X-ammount, and every month where they can't find a tenant that payment to the bank gets tacked onto the end of the mortgage like a balloon payment. So the current owner is simply waiting around to get that tenant at no immediate cost. Not only is there no incentive to fill a space with whatever tenant they can get, they literally aren't allowed to do it.
October 26, 20204 yr That goes on (in some form) in DT Columbus a lot as well, even with class B and C space.
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