No need for taxpayers to support HSBC tower
The City of Buffalo always seems to be on the cutting edge of economic distress. In 2008, the country learned that the banking industry is too big too fail. In 2013, according to a News editorial, the buildings themselves are too big too fail.
As tenants abandon the HSBC tower, remember that many people have profited from it. Previous owners saw the balloon payment coming and divested, leaving others responsible. This is not a unique strategy.
The building could be purchased at a steep discount and the new owner would then offer reduced rents that would disrupt the downtown market.
The News proposes that public funds may be needed to prevent this.
Rather than worry about the downtown landlords, we should welcome the benefit that would accrue to renters. This is the beauty of the law of supply and demand and the backbone of the free-enterprise system. Let the system play out. Taxpayers need not be left holding the balloon.