And now Kyle Bass. Must be a slow news day or Judy Shelton wasn’t available.

Yeah kind of…Typically the buyer assumes a portion of the debt on the building. Plus the buyer has to do the renovation from office to residential which is extremely expensive. Call it $150 square/ft and that’s on the lower end. So the price gets headlines but the spend is way higher.

From a bank’s perspective you have a large illiquid asset that you can’t sell if you don’t need the tax break. The logical next step would be to allow them to be traded like other tax credits, but then you risk having those tax credits be purchased by higher level tax payers.

These guys are not leaders, they’re businessmen. And if ponying up a few bucks or bending the knee to grow the business, that’s what they’re going to do. If it’s better to pay $15MM so you don’t get held up on a billion dollar merger, it’s worth it.