🏗️ Texas Tumble & Chicago Tower Turmoil
Apartment Overload and Foreclosure Flurry Ahead
Over in Texas, the multifamily housing market's been riding high, but now there's talk of trouble brewing on the horizon.
What's been a hotbed for investment is starting to show signs of distress, with a flood of luxury apartments on the brink of swamping the market.
Shift your gaze to the Big Apple, and you'll see a different kind of squeeze.
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NYC's tight grip on Airbnb rentals has homeowners in a pinch, with foreclosure fears looming over those who relied on that extra rental income.
The dream of easy money from spare rooms has quickly turned into a nightmare.
Speaking of dreams, last year's borrowers had to cough up 46% more in payments, a hefty price for the dream of owning a home.
In this edition of the AltReports:
🐎 Rental Rodeo
😩 Airbnb Anguish
🔨Debt Downfall
🏢 Office Odyssey
😖 Payment Pains
Video of the Week: Investors are selling out of Florida (50% Drop in Jacksonville)
Chart of the Week: The DC Commercial Real Estate Meltdown is Here
Podcast of the Week: Peter Schiff: This Will Be Worse Than The Great Depression
Texas Multifamily Sees Distress on Horizon
The Texas multifamily real estate scene, once hotter than a pepper sprout, is now looking as wilted as roadside tumbleweed.
The gravy train of easy profits has hit the brakes, leaving developers and investors scrambling for the emergency exit.
With a veritable tsunami of high-end apartments set to flood the market, anyone with a stake in Class A properties might soon need a snorkel.
NYC Airbnb Hosts on Brink of Foreclosure
New York City's recent smackdown on Airbnb rentals is causing a real kerfuffle in the Big Apple, and it's hitting the little guy hard.
Owners of one- and two-family homes are hollering about the possibility of foreclosures now that their side hustle cash cow has been led to the regulatory slaughterhouse.
Local Law 18 strutted in, and suddenly, these homeowners found their wallets on a serious diet, with housing costs chewing up more than half their income!
Melohn Group Hit With $105M Loop Office Foreclosure
In the heart of the Windy City, the Melohn Group's got a case of the high-rise blues with a $105 million foreclosure fiasco.
The Loop's office tower is stuck in a financial sinkhole, courtesy of some post-pandemic office aversion and interest rate inflation.
Now, with more tenants bailing than a leaky boat, the building's value took a nosedive from sky-high to subterranean.