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My understanding is your understanding is correct. I've also been told that's why NYC tends to be quite unique, the buildings are mostly owned so there is more leeway in finding something as you can go directly to the owner. That said, a startup I consult to is in the basement of a building in Vancouver, I talked to their landlord who owns the building free and clear for 3 generations, same deal, no reason to rent it, just let it sit till the market rebounds. Curious to see what will happen.

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