Re:Almost 90 percent of NYC bars and restaurants couldn’t pa...
by TuringNYC on Tuesday September 22, 2020 @01:21AM
(#24551128)
I always found it curious how large employers in Manhattan would be moving out because the rent was too high.
Simultaneously buildings would be converting into condos because they were unable to fill vacant commercial space. As an example, two buildings where I worked had this happen: 70 Pine Street (AIG) and 75 Wall Street(JPMorgan.)
Doesnt the market meet somewhere in the middle?
Let me explain it to you simply: The landlords made a bad investment, bailing them out forces everyone else to pay for it. In the "it's my property" sense it's identical to forcing someone to house homeless people (although the comparison still isn't the same because the landlords generally don't live in the buildings they're renting out.)