Tallest building in Oregon sold for pennies on the dollar.

[Allaned]

Cities that fail to reinvent themselves. Pittsburgh is an example that a city can have a new, different life.

No longer the "Smoky Steel City", more like he "Medical/tech City"

https://pittsburghregion.org/doing-business-in-pittsburgh/major-employers/

 

[wsar10]

Behind a paywall, I don't get the full story unfortunately.

At least someone bought it. I listened to a long podcast a year ago about how half the big buildings in St. Louis are abandoned, the owners bankrupt - no tax revenue turning the entire downtown into a "doom loop" outsiders are calling it, the abondoned buildings make it dangerous meaning no one wants to come downtown and all the other businesses close as well - rinse / repeat. Of course the city says they have a plan and have been buying up the properties.

On the flip side I have recently been to the thriving downtowns of Charlotte, Nashville and Orlando. Tale of two cities I guess.

Its always a scary scenario when the city is buying the property that was private... You end up in a "land bank" scenario where local government solely controls the narrative in every way (obviously I am speaking in broad terms as to not create a 1 page reply).

 

[SC Maintenance]

Its always a scary scenario when the city is buying the property that was private... You end up in a "land bank" scenario where local government solely controls the narrative in every way (obviously I am speaking in broad terms as to not create a 1 page reply).

This was a hot topic about 6 months ago. The issue was that all these big, empty buildings would be turned back over to the city - jingle mail style - rather than pay the taxes. Most of the notes are held by trusts and such and they will simply default. So unlike 2008 where they reverted to a bank and the city could go after the bank - there is no bank to go after for taxes and upkeep.

So the city not only lost the tax revenue, but they also now need to be the one to keep the building up, and if they don't others around it will also abandon their property. They called it the Commercial property death spiral or some such thing. Apparently St. Louis is the poster child for this already.

 

[Owen Lucas]

So the city not only lost the tax revenue, but they also now need to be the one to keep the building up, and if they don't others around it will also abandon their property. They called it the Commercial property death spiral or some such thing. Apparently St. Louis is the poster child for this already.

Awesome, I'm sure many of these are sanctuary cities, maybe they can provide some sanctuary to migrants and the homeless. Let's see if they put their money where their mouth is.