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But that’s not how the economy works. The real estate economy – at the micro level of a billion-dollar 70-acre development – works best when it is wasting resources. The banks like new and the buyers like new and just like that there is capital to knock everything down and start again and if you ask the banks and buyers to invest in what we already have they see a smaller margin and would rather wait for someone to tickle them big-time because there is no party like the party where you plow it all under.
Vince Michael laments the latest round of urban redevelopment. In other housing and development news, Chicago can look forward to 5,900 new residential units downtown this year, a record, which should decrease prices and increase the already high number of vacancies.