"The model no longer works, read an email from RealT to investors obtained by Outlier. On top of emergency repairs and property management staff, RealT is struggling to cover even the most basic operating costs, grinding daily functions to a halt."
"Due to the City's actions, including but not limited to, barring evictions and the direct collection of rent for nearly eight months at the outset of the lawsuit, we had to trim the staff."
"A sprawling investigation by Wired reveals how RealT's breakdown translates to real life conditions for tenants, who have to deal with flooded basements, collapsed ceilings, and broken windows."
RealT allows fractional ownership of rental properties through blockchain tokens. Reports reveal severe conditions in these rentals, including mold and broken appliances. RealT has halted payouts to investors as it faces tax forfeiture on over 300 properties due to unpaid taxes and fees. The company's financial struggles have led to dangerous living conditions for tenants. RealT's attorney attributes the collapse to city actions that hindered rent collection and evictions, forcing staff reductions and operational challenges.
Read at Futurism
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