News for hackers. Stuff that matters.

A comment on Almost 90 percent of NYC bars and restaurants couldn’t pay August rent. Parent comment

Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by xmodem on Tuesday September 22, 2020 @12:42AM (#24550924)
The problem is that what is actually going on in NY - and many other markets - doesn't remotely resemble a properly functioning market: https://www.youtube.com/watch?v=NdfmMB1E_qk
[ Parent | on HN ]
Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by DyslexicAtheist on Tuesday September 22, 2020 @01:39AM (#24551227)
thanks that was interesting.

tl;dr: 2 years free rent with the condition that the tenant doesn't ask for a lower price. due to language in the contract the rent can not go beyond a specific (low) value. the loan isn't held by the bank but immediately restructured and sold as a CMBS (https://en.wikipedia.org/wiki/Commercial_mortgage-backed_sec...)

here is the reddit post that he recaps: https://www.reddit.com/r/nyc/comments/innhah/nearly_twothird...

[ Parent | on HN ]