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How long until all of the empty office space is converted to house illegals?
Posted on 9/25/23 at 8:08 am
Posted on 9/25/23 at 8:08 am
The WSJ posted an article this morning about the looming office doom in Atlanta
Even a Booming Economy Can’t Save Atlanta’s Office Market
Evidence suggests that the next great RE bust will be with office space as many of those are on balloon loans and are due over the next few years. Couple that with WFH taking hold, and companies reducing their office footprint it is ripe for a bad scenario.
San Fran is already experiencing it worse than Atlanta or any major city and one major owner already let a well-known building get foreclosed on.
How much do you want to bet we will soon see expensive office space used to house migrants subsidized by the taxpayer?
Even a Booming Economy Can’t Save Atlanta’s Office Market
Evidence suggests that the next great RE bust will be with office space as many of those are on balloon loans and are due over the next few years. Couple that with WFH taking hold, and companies reducing their office footprint it is ripe for a bad scenario.
San Fran is already experiencing it worse than Atlanta or any major city and one major owner already let a well-known building get foreclosed on.
How much do you want to bet we will soon see expensive office space used to house migrants subsidized by the taxpayer?
This post was edited on 9/25/23 at 8:14 am
12
Posted on 9/25/23 at 8:10 am to stout
There are tons of empty offices in DC I’m told. Sounds like a plan.
Posted on 9/25/23 at 8:11 am to stout
It will make it easier to find, round up and ship them back home, once Trump is back in office.
Posted on 9/25/23 at 8:11 am to stout
quote:I'm more concerned about the banks holding the debt on these properties and property owners are unable to make payments.
How long until all the empty office space is converted to house illegals?
Posted on 9/25/23 at 8:12 am to Diamondawg
quote:
I'm more concerned about the banks holding the debt on these properties and property owners are unable to make payments.
I'm more concerned about the drugs, war-aged males that hate the USA, freeloaders carrying diseases we already eradicated from the USA, etc that we are letting enter then paying to stay in our country
This post was edited on 9/25/23 at 8:20 am
Posted on 9/25/23 at 8:13 am to stout
Illegal immigrants housed in vacant commercial buildings will never happen. That’s as likely to happen as men identifying as women, competing in women’s and girl’s sports, and men using women’s and girl’s bathrooms. It will never happen in the United States of America.
/s
/s
Posted on 9/25/23 at 8:14 am to stout
What idiots bought commercial real estate with balloon loans 
Posted on 9/25/23 at 8:18 am to stout
Sounds like an Aricle V lawsuit in the making.
Posted on 9/25/23 at 8:18 am to stout
quote:
booming economy
Come again?
Posted on 9/25/23 at 8:19 am to Strannix
quote:
What idiots bought commercial real estate with balloon loans
It's pretty standard in commercial lending. I think it became common over the past decade or more due to low rates and easy refi at the end of the term. Bridge loans were also pretty easy to get at the end of the term so that they could buy time to find another balloon loan or something more permanent. Basically, they were gambling and will get caught soon.
Posted on 9/25/23 at 8:22 am to stout
Been talked about in Chicago.
Posted on 9/25/23 at 8:31 am to stout
quote:I'm not a buyer. If all else is optimal, WFH does not carry efficiencies warranting major office space closure. However, other issues such as safety, property expense, taxes, fees, and accessibility change that equation dramatically.
WFH taking hold
Posted on 9/25/23 at 8:44 am to chity
NYC already moving forward on it. They are also handing out grants for people to add “tiny homes” on their property or convert garages to apartments.
Mayor Adams, DCP Director Garodnick Unveil Proposal to Convert Vacant Offices to Housing Through City Action, Outline Next Step in "City of Yes" Plan August 17, 2023
New York will pay homeowners up to $125,000 to build an ADU in their backyard to help ease the nation's housing shortage
Mayor Adams, DCP Director Garodnick Unveil Proposal to Convert Vacant Offices to Housing Through City Action, Outline Next Step in "City of Yes" Plan August 17, 2023
quote:
NEW YORK – Following a record-breaking year for affordable housing production across the five boroughs, despite a severe housing shortage, New York City Mayor Eric Adams and New York City Department of City Planning (DCP) Director Dan Garodnick today took three major steps towards building much-needed new housing across the city, including by laying out a plan to convert vacant offices into housing as part of Mayor Adams’ “City of Yes” plan. The Adams administration is also launching an Office Conversion Accelerator to expedite complex office-to-housing conversion projects — speeding up the process of creating new housing while putting millions of square feet of empty offices to better use for New Yorkers. Finally, the Adams administration today kicked off the “Midtown South Neighborhood Plan,” a community planning process that will update zoning rules that currently allow only manufacturing and office space to foster a vibrant, 24/7 live-work community with new homes and good job opportunities.
New York will pay homeowners up to $125,000 to build an ADU in their backyard to help ease the nation's housing shortage
quote:
It's part of a package passed within the state's 2022 to 2023 budget called the Plus ONE ADU Program, which provides grants of up to $125,000 to homeowners across the state who add an additional housing unit to their property. The state plans to give a total of $85 million out in grants by 2028.
Posted on 9/25/23 at 8:48 am to stout
Uh this isn’t easy. At all.
Posted on 9/25/23 at 9:42 am to DingLeeBerry
So companies drop expensive office space and the government is going to come in and pay probably lots of money to save the property owners instead of demand pulling the price down and setting a new office space price point?
Posted on 9/25/23 at 10:23 am to stout
quote:
How long until all of the empty office space is converted to house illegals?
Don't give them any ideas
Posted on 9/25/23 at 10:25 am to stout
quote:
How much do you want to bet we will soon see expensive office space used to house migrants subsidized by the taxpayer?
I don't think this will happen. Landlords will not want to risk alienating the rest of their tenants by housing illegals in the same property.
Posted on 9/26/23 at 8:42 am to stout
When the music stops there wont be many chairs
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