Tallest building in Oregon sold for pennies on the dollar.

Gary, IN met its urban decline decades ago, with downtown abandoned and dangerous as well. Their solution: raze anything that had been vacant & in disrepair longer than X amount of time. Yes, it was a shame to lose some of those historic buildings, but nothing was going to change without drastic measures.

These days, it’s still blighted, but at least it’s not the murder capital of the world anymore (per capita, of course). Even nature eventually burns everything down so life can begin anew. St. Louis will likely need to follow suit, and for the same reasons. 😔
I recently drove through Gary. Not near enough was razed.
 
Back in the 1960's, wasn't St. Louis the poster city for the "Beautify America" campaign figure-headed by Lady Bird Johnson?
I recall seeing lots of cleared lots in downtown neighborhoods there 40 years ago.

Were those just real old relics from the late 19th Century?
Maybe building condemnation has different math now-a-days?
 
They have tried this in a few places and failed miserably. The cost associated with the retrofit is much higher than you would think - the wiring is all wrong, the plumbing is all wrong, the windows are all wrong. Maybe if the building started out free - and there is still the problem of does anyone want to live there.
Yeah...and who exactly would it be housing given the entire reason it was sold at a deep discount is because there are no jobs to fill the spaces.
 
Back in the 1960's, wasn't St. Louis the poster city for the "Beautify America" campaign figure-headed by Lady Bird Johnson?
I recall seeing lots of cleared lots in downtown neighborhoods there 40 years ago.

Were those just real old relics from the late 19th Century?
Maybe building condemnation has different math now-a-days?
THis article from NPR more or less says St. Louis did it to themselves. If NPR says that, it must be worse than we thought.

https://www.stlpr.org/news-briefs/2025-05-16/st-louis-city-population-loss-faster-2020-2024
 
In 3 years all the entry level and admin stuff will have been replaced by AI, and they will have lots of space.
That started in the late 80's with the advent of the PC. So many bookeepers and accounting staff became obsolete overnight. Then lowly programmers wrote code that replaced analysts and their spreadsheets.

You are right; AI is a game changer. There will not be enough jobs for people.

Winners and losers. Yesterday's winners are tomorrow's losers.
Change is the only constant.
 
To retrofit the Capitol Park Hotel in Sacramento to house the homeless cost $567,000 per 280 square foot unit. That works out to just a bit over $2000 a square foot to retrofit a building designed for human habitation. I shudder to think of the cost if California or Oregon, or the local municipalities take over these buildings to provide housing.

Up until now, governmental agencies on the West Coast seem to be part of the problem rather than the solution to the problem. The adage that with a democracy you get the government you deserve seems to apply.
 
To retrofit the Capitol Park Hotel in Sacramento to house the homeless cost $567,000 per 280 square foot unit.

The Homeless Industrial Complex on YouTube by How Money Works​

One of the top comments:
I literally just spoke to a lady who's worked with the homeless for the last 10 years. She told me it's a business designed to extract the tax dollars and that she wants out of her job once her kid is a little older. She said she took the job wanting to help people but told me she feels like she hasn't been able to help one single person the whole time.
 

The Homeless Industrial Complex on YouTube by How Money Works​

One of the top comments:
I literally just spoke to a lady who's worked with the homeless for the last 10 years. She told me it's a business designed to extract the tax dollars and that she wants out of her job once her kid is a little older. She said she took the job wanting to help people but told me she feels like she hasn't been able to help one single person the whole time.
Seattle is not a large city by world standards. It’s big but not huge. Billions and billions of local, state and federal dollars have been spent on the homeless. The problem continues to worsen.

It’s a complete racket.
 
The St Louis issue is a unique one as the City is not located within the county. They have 2 separate governments and the City has been poorly managed for decades.

St Louis city population ~275,000
St Louis county population ~ 1MM
St Louis MSA population ~2.8MM

The City schools stink and the city has a 1% earnings tax for businesses and individuals that hasn’t helped retain jobs there. The downtown is a ghost town unless the Cardinals or Blues are playing. Crime is overwhelmingly committed within the City limits which then looks terrible based on the low population. I’ve lived in the County almost my entire life and watching the City decline is sad. We do have a new Mayor who, on the surface appears to want things to improve and doesn’t look to be in it for herself. Time will tell. I’d say now is the time to buy some buildings if you like to gamble as I don’t think the values can go much lower and you might just make some money, someday.
 
Back
Top Bottom