35 sats \ 1 reply \ @siggy47 12 Mar \ on: The Folly of Rent Control in New York City (Again) | Mises Institute econ
NYCB bank is filled with loans on NYC rent controlled apartment buildings. Mnuchin's 1 billion doesn't come close to resolving the issue. Many more banks will deal with this. At the same time, office vacancies are growing. NYC is in real trouble.
I heard they're opening a big casino in Time Square. Maybe that's the answer to the questions we've had about the fate of commercial real estate.
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