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Metropolitan DC Local Politics
Reply to "Downtown DC is a storefront ghost "
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[quote=Anonymous][quote=Anonymous]I've never understood why landlords do this; presumably there is benefit they get from letting these storefronts sit empty than from lowering the rent to at least get something, but I'm not sure what it is (maybe a tax loss thing?). Seems like something the city should take action to combat.[/quote] If they lower rents, then the forecast income from the building adjusts downward and may put them in default with their lenders today vs in several years when the debt comes due. It kicks the can and makes the building less valuable when they turn it over to the lender…in the meantime they hope for a miracle.[/quote]
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