I know that housing costs around here are high, but $3,680 for a 520 sq ft 1 bedroom apartment is WELL above local market rate. Every other place downtown for that cost offers higher square footage, and far more amenities (famously, including parking). Hell, you can even find some great deals for a whole grand less.
So what happened? Why would the building owners sooner default on their loan than lower the rent to fill vacant units? If this is a reflection of high construction costs, why weren't these anticipated? And why is it the city that



