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pineapple_swimmer330 t1_iu905kz wrote

Newark already has so many empty lots, I don’t understand the point of tearing down these buildings. It’s much cheaper to renovate an existing building than tear something down and build new.

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Towers_Oh_My27 OP t1_iu990ot wrote

Exactly, contractors would rather pay the taxes on property for years until the city finally grants them money to tear down a building and building their shitty "out of style in 5 years" condos.

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AsSubtleAsABrick t1_iudavmj wrote

The same 2-3 people own all the empty lots and are land banking them until they hit some unknown level of value.

It is more often than not more expensive to restore an old structure like that. Plus they can make it bigger.

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