How much longer will the government let real estate owners be the puppeteers holding the economy hostage? Yes, there are tax advantages for commercial losses. It doesn’t take much to walk through the streets of NYC and see empty storefronts everywhere. We will start to see the same in residential properties as landlords are pushing countless people out of the market, being left with empty spots.
What will it take for the Government to push landlords to rent their properties at a price that creates busy, booming neighborhoods? Even the prices people hope to sell their properties don’t add up.
Until landlords are forced to sell or rent their residential or commercial properties at the prices that the market actually bears, we will have a more challenging hill to climb, getting urban areas back. The exodus to secondary or third-tier cities will continue because people can not afford to stay or start businesses.
What will it take for local Governments to wake up?