Earlier quoted context omitted.
The problem is that the rest of the conversion, namely bathrooms and kitchens per unit and the required pipes, are also not cheap, to the point where if you wanted to rent out a lot of cheap units it would be easier to knock the building down and start anew.
> it would be easier to knock the building down and start anew. Idk where this meme started but it’s very far from reality. We as a species have only ever voluntarily demolished like 30 or so building above 35 stories because it’s insanely expensive to do so (most buildings were knocked down to make significantly larger ones in their place). In no world is it ever cheaper to tear down a high rise and start over. http…
* the office market has never imploded like this before and it’s fairly easy to fill buildings like these up
* until recently, most tall buildings that were old enough to demolish were also probably subject to landmark status