Developer Franklin Torres is feeling the real estate woes. The builder, who arrived in the United States from Ecuador in 1988 and who builds four- and five-family houses in Corona, points to the growing number of houses in the neighborhood that are in foreclosure. He has stopped all new building and is concentrating on his rental units. But he's almost as anxious about renting as he is about building.
“People may not be able to pay,” Mr. Torres says. “Right now, I have three or four apartments where they are late in paying the rent.”
Downturn sweeps into Queens
How terrible that he can't crappify the neighborhood anymore and take advantage of all that upzoning...
4 comments:
Boo fucking hoo to you!
What's happening in Corona with this guy will spread everywhere.
Good.
Who did Torres think he was going to rent apartments in Corona to; the Astor family? Why should he worry - the Feds will now bail him out on his diminishing value of his properties!
Illegals are not known to make a lot of money and this neighbor is full of them from every nation, so what was Torres thinking when building here - oh, cheaper property to buy is what he fogets to say. You take big risk for big payoff & the other side is lose as big comes with the territory.
It serves you right, you greedy speculating bandito!
Now Corona
will become even more "vibrant".
Maybe MS 13 will take up the slack.
They'll need headquarters.
Why not market these vacant
units to the gangs?
They've got the $$$$$!
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