Monday, September 20, 2010

Murphy strikes again

If you have ever wondered what else could go wrong, this is a great example.

What makes it tricky is how many different sets of rights need to be balanced. Clearly tenants need time to be able to move. It's obvious that owners need to be able to sell if ownership is to have any real meaning. And the new owners need to be able to actually take possession of their property. But somehow an outcome has happened that is sub-optimal for all involved.

What is it about real estate that makes it a locus of difficult transactions?

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