Detroit tenants are struggling with unresolved issues in buildings owned by RealT, a Florida-based cryptocurrency real estate firm. They feel neglected as numerous properties fall into disrepair since RealT began acquiring around 1,200 units in 2019. Tenants report difficulties in obtaining leases, contacting management for urgent repairs, and uncertainties about rental payments. RealT sells fractional ownership of properties to global investors via tokenization, but this innovative model seems to disregard the living conditions of tenants, leading to confusion and potential eviction despite timely rent payments.
Detroit renters are increasingly feeling trapped as ongoing issues in buildings owned by RealT, a cryptocurrency real estate venture, remain unresolved.
RealT uses a unique model of fractional ownership, allowing investors to buy pieces of properties via tokens while leaving tenants in deteriorating conditions.
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