Tuesday, January 12, 2016

Remember the Housing Shortage

     The owners of large apartment complexes locally face foreclosure and they blame soaring vacancy rates due to economic downturn. 
http://www.watertowndailytimes.com/news03/apartment-complexes-in-watertown-clayton-face-foreclosure-20160112

4 comments:

Anonymous said...

I imagine there will be some hotels closing in the coming years. Ripe to be turned into affordable housing.

Anonymous said...

It is funny to read the phrase "soared to 20 percent vacancy", in this story. If I were in the rental biz I would assume 10 percent vacancy but would certainly plan to ride out a much higher vacancy rate than that.

There is not doubt that EVERYONE but the shadow government saw this coming and kept shouting "no" to the PILOTS pushed by DANC and the rest of the Drum ring kissers. Didn't the new mayor even work in a nepotism job overseeing the building of housing on base to compete with the city's housing?

But unlike the countless local small time landlords who will not have a story written about them, these corporate landlords have already enjoyed a PILOT once. And there is something suspicious about commencing a foreclosure after missing a single payment. I will assume what is going on is perfectly legal, but I won't assume that the WDT's is understanding what is really going on here.

Anonymous said...

This is quite comical, but tragic, soon the wheels will turn and Syrian refugees will be placed in the unused bldgs. Who knows maybe the school district will buy them, or BOCES.. A while back I questioned the need for Student dorms, (and everything that goes along with it as we've found) I was berated on the social media as an "Education Hater", I questioned my County Legislator after using exsisting housing at Truscott Terrence for Student housing, And was told "She wants them on Campus,to enhance College life....Now there filing for Bankruptcy..........

Anonymous said...

Completely right in your assessment that the perfectly good apartments at Truscott are going to waste,there was no need to build those dorms when Truscott is right there,a two minute walk from campus.The school I went to had dorms that from the classrooms,it is a short walk.