• @quintinza
    link
    51 year ago

    In South Africa corporations are allowed to purchase residential housing, but banks won’t finance any bonds on the property unless the property is rezoned as for commercial use. The town / city planners won’t easily rezone residential as commercial.

    On top of that many local councils are blocking the construction of commercial office buildings and requiring the property be rezoned as residential and thing like apartments are built instead. I know of a few properties bought up to turn into office space that has been denied a construction license and the project stalled as the companies behind the project work to get investors to back an apartment complex.