Despite all the kvetching over Trump overvaluing his real estate by the NY Attorney General, NYC is desperately keeping their vacant office buildings propped up so the government's property tax revenue doesn't get slashed. To a Keynesian, deflation is death.
The only good news is that jew-hunting granny killers like Bill DeBlasio won't be able to profit off of seizing properties he intentionally bankrupted.
Commercial Real Estate losses have been hidden by most big banks. Looks like NYC Bancorp could go bankrupt today.
Commercial real estate normally only pay interest- so the massive principal outstanding remains unchanged year after year….
They had previously refinanced at maturity.
Now nobody wants to touch these buildings. So they “extend and pretend”
Despite all the kvetching over Trump overvaluing his real estate by the NY Attorney General, NYC is desperately keeping their vacant office buildings propped up so the government's property tax revenue doesn't get slashed. To a Keynesian, deflation is death.
The only good news is that jew-hunting granny killers like Bill DeBlasio won't be able to profit off of seizing properties he intentionally bankrupted.