With Offices Sitting Empty, Landlords Are ‘Handing Back the Keys’
www.yahoo.com
Office landlords, hit hard by the work-from-home revolution, are resorting to a desperate measure in the real estate world: “handing back the keys.” When this happens, the landlord stops paying the mortgage on the office building or declines to refinance it. The bank or investors who made the loan then repossess the building. Sign up for The Morning newsletter from the New York Times Some of the biggest names in commercial real estate, like Brookfield and Blackstone, have defaulted on mortgages
    • SinningStromgald@lemmy.worldEnglish
      2·
      10 months ago

      I heartily agree! Doesn’t stop me from worrying how a collapse of the commercial real estate market will affect everything. It’s always the bottom that pays for the failings of the top. They’ll get fat bailouts and we’ll get austerity.

  • BurningRiver@beehaw.orgEnglish
    1·
    10 months ago

    If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.

    • J. Paul Getty