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These investments should have immediate positive value at the right price, but there are potential edge cases that are catastrophic to such a speculative play (maybe have to tear the building down, future dispute wrt claim, etc). Unlikely, but possible.

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It doesn't seem wildly unlikely: there is a fundamental shift in how office spaces work.

But the other side is possible too: even if the loans had a guaranteed long term value (like SVB's bonds), they could be an issue in the short term. More so if getting the value out of the loan requires both time and effort (eg: legal costs).

Yes, and we do hear sometimes of a massive pile of taxes due, coming with the building.

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