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.
Say you have an average size house, with a 2-car garage on the side. You decide to change that garage into a small apartment for renting. You need to add a wall or two, add insulation, build up a kitchen area (with proper water and power) and a bathroom.
Imagine how much that would cost you for that single apartment. Now multiply that by, say, 50, to convert a large office building into 50 residential rental units. Even with economies of scale, that’s still going to cost millions…
Dude… you’re arguing that it’s better to tear down, and build from scratch then it is to retro fit. This is obvious bullshit. In your example it would be more practical to retro fit the garage then to tear it down, and build a new building. Like fuck man.
Say you have an average size house, with a 2-car garage on the side. You decide to change that garage into a small apartment for renting. You need to add a wall or two, add insulation, build up a kitchen area (with proper water and power) and a bathroom.
Imagine how much that would cost you for that single apartment. Now multiply that by, say, 50, to convert a large office building into 50 residential rental units. Even with economies of scale, that’s still going to cost millions…
Dude… you’re arguing that it’s better to tear down, and build from scratch then it is to retro fit. This is obvious bullshit. In your example it would be more practical to retro fit the garage then to tear it down, and build a new building. Like fuck man.
https://www.nbcnews.com/business/real-estate/why-empty-offices-aren-t-being-turned-housing-despite-lengthy-n1274810
“ In parts of the country where land is relatively cheap, it’s far less expensive to build housing from scratch than to convert old offices.”