Business 2.0 has come out with its “101 Dumbest Moments in Business”.

I’m a bit offended by their #1 choice. Because, it’s NOT a bad thing to turn unused buildings into residential housing. And, because, it’s mean to call somewhere a “nuthouse”.

#1. “If you grew up in Danvers, and you remember it as the spooky place on the hill, it might not be the right place to live.”

— William McLaughlin, an executive with AvalonBay Communities, which is converting boarded-up Massachusetts mental institution Danvers State Hospital into a 497-unit complex of high-end apartments and condos. That sound you hear? Not the ghosts of mental patients, but loud hissing from the wildly inflated housing bubble, which tops our list this year with seven priceless moments of real estate insanity. First up: the nuthouse-to-yuppie-house trend currently sweeping North America, with such conversions also planned in Detroit, New York, Vancouver, and Columbia, S.C., where the centerpiece of the development is an original brick building with the word “asylum” chiseled into the facade.

Complete article: 101 Dumbest Moments in Business: 2005’s shenanigans, skulduggery and just plain stupidity – By Adam Horowitz, David Jacobson, Mark Lasswell, and Owen Thomas, Business 2.0

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Updated November 2018

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