Almost 90 percent of NYC bars and restaurants couldn’t pay August rent

Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by kgc on Tuesday September 22, 2020 @01:03AM (#24551027)

If they have been sitting on empty buildings for years, why would they want renters now? I expect they would just continue to keep their buildings empty and continue to be unaffected by this pandemic.

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Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by Dylan16807 on Tuesday September 22, 2020 @02:25AM (#24551500)

Not enough cash to keep up the stupid speculation game without some paying renters.

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Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by xenihn on Tuesday September 22, 2020 @01:46AM (#24551272)

I know a few property-owning/landlord families. They own multiple properties, both residential and commercial.

Some of those properties are profitable to rent out. Some are not. You rent out the profitable ones. You don't rent out the ones that are not profitable, you just wait until they're worth significantly more than what you paid for them. When they are, you sell them, and you buy more property. Each property leverages the subsequent properties, in terms of both the mortgage credit you have access to, and actual money gained accumulated from rent and sales.

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