any explanation is greatly appreciated Thank you  Hi @Sahand Vafadary!

There is one other explanation, being over extended.

A simple explanation might be that rents have increased to offset higher mortgage costs, but what about property owners who locked in rates below 4%—or even 3%?

Thanks for the explanation!

I don't know the whole story there, but it may be worth getting an explanation to figure out solutions

Park has experienced a mass exodus over the last 20 years with no explanation why. 

Thank you for the explanations you gave.

However, as curiosity prodded, I looked into the degree that it is prohibitively expensive to consider just filing as a security anyway, irrespective of the pros and cons.Basically, I searched for "what are the costs for registering a security with the SEC" as well as "what are the costs for registering a syndication as a security with the SEC"Most the results produced explained something to the extent that the fee was about 150 bucks per million offered, without any other information on what would validate the explanation that filing a syndication as a security is prohibitively expensive.

See below for explanations, with headings taken from the attached document.Broken windows or exterior doors-The two narrow windows in the living room do not fit into the walls properly.

Again, OP, if we're operating on the assumption that everything is about rationality and logic, then there is no explanation for what we are observing.