You guessed it: For over half of it, taxpayers are on the hook. Time to take a look.
While landlords are muttering, “And this too shall pass.”
Rent collection data from 11.5 million rental apartments.
Seller lost $12 million, or 35%, on a condo at One57, on Billionaires Row, adding to the list of big money losers in the condo tower.
San Francisco rents plunged by stunning 27% in 18 months. But in 5 big cities, rents jumped by 20%+. But in some of the cheapest cities, rents dropped.
Then there’s the “single-asset” commercial mortgage-backed security (CMBS) backed only by the mortgage of this tower.
A pandemic of house price inflation.
Californians applying to lease single-family houses in Arizona, Nevada & Texas doubled from year ago; migration from New York & New Jersey to Florida similar: American Homes 4 Rent.
The glut is in neighborhoods with condo towers, particularly where the construction boom has been. Neighborhoods with low-rise buildings are less impacted.
Unemployment and work-from-home or work-from-anywhere are massively shifting where people want to live.