In yesterday’s newsletter, we mentioned the decline of America’s mainline churches, a phenomenon that, inter alia, is leading to some lovely buildings falling into disuse. Yet it isn’t easy for them to be transformed into places of prayer for denominations that might be growing. Avital Chizhik-Goldschmidt recently discovered this in her and her husband’s attempt to find a home for a newly formed Jewish congregation in New York City:
There were, it turned out, quite a few empty temples and churches in the neighborhood, places that had struggled with membership for years and then got finished off by COVID-19. But they were rarely for sale.
For some, tax exemptions keep carrying costs low enough to keep. At others, chaotic governance prevents decision-making, including the decision to sell. For still others, landmark designations limit redevelopment prospects; . . . the properties seemed not to operate in the universe of bottom lines.
Churches and temples own some of the most valuable real estate in the world, we were learning, but the complexity made their holdings essentially illiquid, even with an eager, well-financed buyer making inquiries. While the old, beautiful sanctuaries sat empty, our bustling young congregation—and we were not the only one—stayed nomadic. The paradox was tripping up our search.
I don’t pretend to understand the finer points of real estate, but this strikes me as a case of excessive government regulation interfering with free commerce, and thereby with other freedoms as well.
More about: American Religion, Economic freedom, Real Estate, Synagogues