this post was submitted on 26 Apr 2025
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Uhg. All of the commercial real estate in the US is mortgaged and the owners just roll it over continuously - allowing the banks to set policy in contract to not reduce the $/sqft of commercial real estate. So everything here is just empty and the owners can write off the empty stores as losses on their taxes to offset the taxes from their profits.
There are so many things that can be done to fix the US but they chose to triple-down on the approaches that broke everything. Sigh. I'm really happy to hear Japan figured out the right balance. It'd be amazing if those best practices could be imported but I'm sure they'll start tarriffing ideas soon too.