Image of the Watergate complex from Wikipedia.
It's a lot harder to revitalize/rehabilitate multiunit residential buildings that are owned by their tenants, as opposed to rental properties owned by developers and portfolio investors.
With the latter, you deal with a couple actors--the owner and the financiers. With a condominium or cooperative building, you have to get hundreds of individuals to agree. And if redevelopment is warranted, they aren't likely to approve it.
The Watergate residential buildings
are organized as co-operatives
, although the underlying land is owned by another corporation, and the co-ops have a long term lease. Note that they could get loans, presumably, from the National Co-operative.
(I have written about this issue before in terms of commercial districts. Owned buildings, as opposed to apartments, better be designed to be attractive for generations, because the likelihood of condominium owners agreeing to future assessments for updating the exterior design "treatment" of the building is unlikely.)
Labels: housing, real estate development, urban revitalization