Dear New York Times: Denominator Please

The Times has a good piece by Landon Thomas (along with a companion piece by Nathaniel Popper) on the impact of currency risk in countries outside of the United States for real estate investors who sign up for loans denominated in dollars. If the foreign currency depreciates, and income (such as rent) is collected in the local currency, depreciation of the local currency will reduce margins and potentially make it difficult for investors to repay their loans.