What happens if you own an apartment in a building set to be demolished?

This is just a hypothetical. I’m renting currently but have been looking to buy a place. I see some listings for apartments in like 60 year old buildings that look dilapidated. So I’m wondering what happens if I buy a cheap apartment and then a year later the government decides to demolish the building before it collapses on its own. Do I just lose everything? Do I have any rights and can I refuse to let them do it or make them buy me out?

Super curious if anyone has any experience with this. Thanks!

by indiebryan

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