Neighbors Got Together to Buy Vacant Buildings. Now, Renting to Bakers and Brewers
I suppose if the buildings every go up for sale, this would be a possibility.In my hometown, approximately 50% of the retail space in our downtown has been vacant and listed "For lease" for I'd say about the past 2 years now.The owners are very wealthy, continually raise rental prices, eventually driving everybody out.The problem is, they never intend to sell.I witnessed an old bank building sit vacant for literally 20 years before they found a new tenant who was willing to renovate and start paying. Somebody was paying the property taxes on it the entire time, and they weren't even actively marketing it's lease as much as they could have been.Another old store went under about 2 years ago, and it has been empty ever since with a for-lease sign on it. Nobody has entertained the new lease, but the owners refuse to lower the price or sell the property.In fact, I have never in the life of me seen a for sale sign on any of the downtown retail properties. It just doesn't happen.Old money can be one hell of a burden on old communities, it would seem.