Comments by "Scott Franco" (@scottfranco1962) on "90% of restaurants not making rent in NYC - leases can't be renegotiated. Businesses are dying." video.

Here in Silicon Valley, I have seen a number of large properties sit for years. Looking up the owners, they are invariably very large concerns (REITs). These are real estate businesses that work by different rules. They have a large amount of money sitting in their properties, and they can afford to be patient, and wait for the next (inevitable) run on real estate in the valley when everyone is looking for leasing space. To them most of the value is in the property, not the lease or the building
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The city council never ran a business. This is %90 of the problem with government: they have not a clue about how real world economics works.
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