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EnglishVoice Age
Young Adult (18-35)Accents
Native American (General)Transcript
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Banks, a large real estate conglomerates, usually have no problem holding hundreds or even thousands of flats off the market, simply waiting for a better time to rent or sell them. But there are also many small landlords who have more gazed themselves for years to be able to buy a second flat for them. The inability to rent their properties for months at a time meant a serious risk of bankruptcy and expropriation. The urgency of the small landlords, coupled with increased supply of rental flats due to the exodus of jobless workers, caused rental prices to fall considerably in many cities, with decreases, sometimes exceeding 30% or even 40% of the previous rent price.