[bilbo0s]

The point is that you can do these conversions in places where you'll make a ton of money from them. No one's talking about converting them to 3 or 4 thousand dollar a month apartments. I think most people understand that you do a conversion in lower Manhattan and you're doing it for the "multi million per" class. So there is plenty of money to pay for these in Boston, NYC and San Fran.

Of course, that also means there is plenty of money to pay for a teardown. But being torn between making a killing tearing down and rebuilding vs making a killing doing a conversion is a good problem to have.