Yes when the government tinkles with the laws to prevent reasonable profit and incentives, that happened. The MCI improvements are trash. Who is going to invest 20k and it takes 15 years to see that investment back. Putting 20k in the stock market will reap better rewards. Then add that these buildings won’t increase in value due to said laws. More and more you are going to hear about these buildings breaking down, they are old and require a lot of maintenance/repairs.

Even if you convert these buildings to condo’s/co-ops, how exactly will tenants used to paying $600 to $1200 a month. Take care of property taxes, maintenance and a loan? All these buildings will end up being the government’s problem aka taxpayers. As complaints start to roll in again.

Just look at any co-op/condo maintenance fees on old buildings…it’s a reason the condo board makes sure applicants are financially stable to take on ownership. You skip over that crucial part and over a few years…things will blow up.

Inflation is real, cost of goods/labor is real. These things don’t stay the same for life.