Anti Lemming : Auch Betongold kann sinken
Fein raus ist, wer den Kauf mit Bankkrediten finanziert hat. Die Bank erhält bei Nichtzahlung der Raten nach kalifornischem Recht nur Zugriff auf die immer stärker im Wert fallenden Apartments.
So what?s a condo worth in the 58-story Millennium Tower at 301 Mission St., the most luxurious condo tower in San Francisco, which has sunk 16 inches since its completion in 2008 and began leaning in 2009?
The tilt has reached 2 inches. Majestic finger-pointing has ensued. Lawyers have been unleashed. Investigations, studies, and counter-studies have commenced. No one is certain how to repair it, or if it is repairable at all.
A few things are certain: Large amounts of moolah will change hands, lawyers will get rich, and if taxpayers don?t watch out, the moolah may well change from their hands to other people?s hands ? because the city of San Francisco has been dragged up to its eyeballs into this.
Lenders too are on the hook. California is one of the dozen or so ?non-recourse? states. Standard purchase mortgages are non-recourse: they?re secured only by the property. When push comes to shove, borrowers might be tempted to let the bank worry about their properties in the leaning tower of San Francisco.