Comrades, what if we started organizing for this now with each other (in our respective local orgs) and prepared for prices to crash, did what the real-estate pigs did (on a smaller scale obviously) and then provided free or super low-cost housing for people because we have the ownership and can simply let them live there?
Just an idea, I know it’s speculative so it might not be the best decision. Could just use it on other stuff
If only the municipalities would eminent domain them at the dip and make them into pubic housing. We’re programmed to view public housing as a drain on resources, when the rents in fact contribute to the city’s revenue.
They literally can’t evict everyone, right?
They can and will try, but I mean when it becomes abundantly obvious everyhouse is empty what will stop us all from seizing the houses for ourselves
I get looks like I’m out of my fucking mind when I “joke” about it
Couple of misconceptions in the comments that I see. These losses are taken by the lending institutions also due to a new value being assessed on specifically commercial office buildings. (work from home means less demand for office)
So if you remember when this happened with residential housing, people became “upside down” in the valuation of their home vs the mortgage and they walked away. Well, people in those situations get hit on their credit. These office buildings are owned by LLCs so it’s less of a hit.