The ‘If’ That Has Entered The Room
A report from Southern California Public Radio. “With downtown Los Angeles seeing a vacancy rate that’s three times higher than the rest of the city, landlords are ratcheting up the competition for tenants. Nina Hu and her husband ended up going with a one-bedroom loft at G-12 Apartments, which opened this spring in the South Park district. Between six weeks of free rent and a year of free parking, they’ve saved more than $4,500. Move-in specials, though, have not enticed enough people to fill the new apartment building, which Hu said sits more than half empty. ‘Everyone that I know loves downtown, but I still don’t see that many people rushing downtown to fill up all these spaces,’ Hu said.”
“Thanks to a wave of market-rate rental construction, supply has outpaced demand downtown since 2014. The vacancy rate now hovers around 12 percent — the highest recorded by real estate research firm CoStar Group since 2000. The result has been thousands more luxury apartments than there are renters. CoStar senior market analyst Steve Basham said that in the last several years, landlords have been ramping up concessions to lure tenants. Basham said the high rents are why apartments aren’t filling up faster. ‘The stuff that’s being built right now is really targeting the very top of the renter’s pool,’ Basham said. ‘The majority of the renters in L.A. are not going to be able to afford that.’”
“Basham said vacancies could keep growing next year, while rents could slow — and even drop —as more than 4,000 new apartments come online.”
From Bloomberg on New York. “Manhattan’s construction boom has crowded the borough with so many apartments that even in a month where leasing hit a record, the vacancy rate climbed. ‘It really does show just how much inventory there is out there,’ said Hal Gavzie, who oversees leasing at Douglas Elliman. ‘Yes, we have so many leases being signed — and yet, you still have so many options for customers out there.’”
“With builders still churning out new apartment towers, and condo investors listing their units for rent, there’s more than enough for renters to choose from. Manhattan had 7,497 apartments listed for rent at the end of August, or 31 percent more than the monthly average since Miller Samuel and Douglas Elliman starting keeping the data in January 2008. ‘We’re going to see prices come down a bit as these landlords get concerned about filling the vacancies before the winter,’ Gavzie said. ‘Nobody wants their apartments vacant in November.’”
From Curbed New York. “In Brooklyn, more than 20 percent of all leases had some kind of concession, leading the net effective median rent to drop for the fourth consecutive month. In Queens, the landlord concessions market share was five—yes, five!—times higher than last year, rising from 8.7 percent to 44.7 percent. Inventory was also up 12 percent over the same time last year, with year-over-year increases for the 22nd time in 24 months. And yes, those two things are related: ‘Because 43 percent of all activity is new development, the crush of new supply requires significant concessions,’ explains Douglas Elliman, numbers whiz Jonathan Miller.”
From Chicago Magazine in Illinois. “The 94-story skyscraper, one of the most ambitious residential developments in Chicago since the housing bust, has it all: 21 multimillion-dollar penthouses, a huge foreign investment, and a design by starchitect Jeanne Gang. It’s also got a Chinese developer with an uncertain financial future. The main developer’s Chinese parent, Dalian Wanda Group, has been doing a lot of restructuring. What’s that all about?”
“The Chinese government seems to be pressuring large conglomerates to reduce debt and trim foreign investments perceived as risky. Dalian Wanda, a giant, has the kinds of bets on real estate and entertainment the government appears to be checking. The company sold off billions of dollars in assets this summer, including most of its hotels. And in August, it flipped control of Vista Tower from a publicly listed company to a private one, meaning that potential condo buyers in Chicago will have a harder time divining the developer’s financial strength.”
“The Chinese government has been pressuring banks to decrease lending for big overseas property investments. Vista Tower has a $700 million construction loan from a midtier Chinese bank that has a portfolio heavy with nonperforming debt. If Vista’s loan falters or the Chinese government compels the bank to scale back, the project or its bank might be forced to find a new lender to keep money flowing to contractors. That could cause delays.”
“Linda Greenberg, a prospective buyer from Chicago who toured Vista Tower, says an agent told her that many of the upper floors are reserved for wealthy Chinese buyers. Magellan reports that 38 percent of the residential units are under contract, as of August. It also says that around one-third of the buyers are foreign and 10 are Chinese—but that number could be misleading. Often, foreigners purchase in the United States through shell companies in other countries, such as the Cayman Islands. It is also impossible to know how many Chinese buyers are in for multiple units.”
From KUON in Washington. “Until last week, Seattle’s growth looked endless and predictable. Amazon was hiring at a fierce pace, and planners were struggling with housing and transit needs that are a consequence of all the new jobs. But with Amazon’s announcement that it will build a second headquarters elsewhere, bets about the future of Seattle’s growth are off. Because we lack sufficient housing for the people who have already moved here, says Diane Sugimura who was head of Seattle’s planning and development department until she retired last year, Amazon’s plan to grow somewhere else will not take rents and prices down soon.”
“‘I think it’s still going to be awhile because there are so few houses for sale. And there’s still a gap in terms of those housing units, and my guess is developers will probably try to get that next project done before things start slowing down. If they do,’ Sugimura said. It’s that ‘if’ that has entered the room, where before it wasn’t there.”
‘my guess is developers will probably try to get that next project done before things start slowing down. If they do.’
Slowdowns never happen Diane. And forget about recessions. You’re like Canada: boom, and boom!
‘With builders still churning out new apartment towers, and condo investors listing their units for rent’
‘vacancies could keep growing next year, while rents could slow — and even drop —as more than 4,000 new apartments come online’
Even drop! They are dropping you dummy reporters. What’s most interesting to me is the media never asks, why? How could such expensive development occur with no demend at these prices? Plus I kinda doubt downtown LA is that great anyway.
No one could have seen it coming…
“Plus I kinda doubt downtown LA is that great anyway.”
People just love saying “I live in LA!” It makes them feel special or something. The place is a cesspool. A weekend here or there can be fun, but long term would be a miserable existence, imo.
‘The stuff that’s being built right now is really targeting the very top of the renter’s pool,’ Basham said. ‘The majority of the renters in L.A. are not going to be able to afford that.’
Quick question Steve: did Costar tell these developers this little detail? Let me guess. You all got together and made up a story. Once upon a time, rents were grounded in fundamentals. Now, underpants!
“At the gnomes’ lair, the gnomes claim to be business experts and explain their three phase business plan:
1. Collect underpants
2. ?
3. Profit”
https://en.wikipedia.org/wiki/Gnomes_(South_Park)
They even have a website:
‘Innovation Drives Robust Growth’
‘As the leading provider of commercial real estate information, analytics and online marketplaces, CoStar delivers the tools, technologies and service offerings that create value and opportunity for the clients, businesses and consumers we serve.’
‘The Intersection of Information and Marketplaces’
‘We combine research, technology, innovative tools and powerful marketing to connect the world’s leading commercial real estate professionals with the data, insights, decision makers and leads to succeed.’
http://www.costargroup.com/
Time to go to work, Work all day, We need underpants hey!
We won’t stop until we have underpants!
Yum tum yummy tum tay!
Time to go to work, Work all night, Search for underpants yay!
We won’t stop until we have underpants!
Yum tum yummy tum tay!
http://southpark.wikia.com/wiki/Underpants_Gnomes_Work_Song
It all depends, Guillotine.
Which zip code do you live in? Which area code?
*rolls eyes*
A widely publicized auction like this for a celebrity home is the MARKET VALUE of this house.
And it is a 50% haircut of Mr. Depp thinks it is worth.
I have no idea what price he bought the place for and what kind of improvements he made.
Celebrities are TERRIBLE at investing in real estate (they are also pretty bad in political analysis too).
+++++++
Johnny Depp’s Kentucky horse farm fails to sell at auction
Cheryl Truman - Lexington Herald-Leader - September 15, 2017
Actor Johnny Depp’s Fayette County horse farm on Versailles Road did not sell at auction Friday after the bids were rejected for being too low.
The property had been listed for $2.9 million. The top bid was $1.4 million. It came from radio personality Rick Dees of the Weekly Top 40, who said he didn’t blame Depp, best known for the “Pirates of the Caribbean” movie franchise, for wanting more for the property.
“It’s difficult to manage all these properties,” White said, because Depp “rarely comes to Kentucky.” Depp is a Kentucky native born in Owensboro.
Although there were 14 registered bidders, it was clear from the outset that the auction was going to be sluggish. An auctioneer’s suggestion that the bidding start at $2.5 million drew no interest, and bidding instead began at $1 million. The sticking point of $1.4 million could not be moved to $1.5 million, or even to $1.45 million.
The 41-acre property includes a 6,000-square-foot brick house with seven bedrooms, a four-car garage, a guesthouse and three barns. The property is set up for a small horse operation, according to the description on the property listing.
“The 41-acre property includes a 6,000-square-foot brick house with seven bedrooms, a four-car garage, a guesthouse and three barns. The property is set up for a small horse operation, according to the description on the property listing.”
Unless you make your living in an equestrian manner, it sounds like this property is a white elephant.
On a tangential note, does anybody have any comments on Owensboro’s Oil City potential?
If you want to turn a large fortune into a small fortune, get into horses.
Depp is better at burning through money than a rookie NFL player who grew up in the ghetto.
Could it be that few Kentucky households make more than $100K annually? And even fewer make $250K annually?
It’s flyover Johnny, not Beverly Hills, Washington DC, New York or Silly Valley.
OH - this is for you, Johnny….and all other ill-behaved miscreant children like you.
https://www.youtube.com/watch?v=vKzSNAxNV5Q
I’m from Kentucky originally and know the house. It is a very nice house and property and in a mostly very large horse farm area owned by very wealthy foreigners. Depp bought that house and property for his mother more than 25 years ago and she lived there for a long time.
Realtors are liars.
You can say that again.
Correction: nobody should move to Denver.
http://www.thedenverchannel.com/news/local-news/study-millennials-shouldnt-move-to-denver
I’ve decided to hit the eject button on my current employer and have been interviewing. The most interesting interviews are with the downtown Denver based firms. Those places are crawling with millennials, many of them are in management positions too. The funny thing about talking with those managers is that you realize they don’t have a clue of what they’re doing.
hit the eject button
I did after 5+ years working for Uncle Sugar. Goodbye cubicle farm. Never again will I be forced to listen to Brenda schedule her colonoscopy over her office phone.
These days I work from home about 90% of the time.
LOL…401
Cubicle life is like debt. Once you get away from it you might never go back.
“Once you get away from it you might never go back.”
I’ve heard formerly married men parrot those words.
Anyone drive I-95 through Philly? I do a few times a year.
Near the Ben Franklin Bridge near the river there is a condo building somewhat shaped like a sailing vessel. It actually looks pretty cool.
They have been advertising for at least a decade trying to sell the units. And you can easily see the large cloth advertisements attached to the side on the building while driving.
Cool Building. River views. Walk home from the bars…
But still not sold out from the developer.
Anyone with any more info?
Pennsylvania’s probably not the best place for you:
https://en.wikipedia.org/wiki/Tom_Wolf_(politician)
http://sers.pa.gov/
Pennsylvania has many good points:
Flat and low income tax (3%)
Low sales tax (6%)
Great gun laws
Shall issue concealed weapon permit
Republicans control a large majority of the state house and senate
Just beautiful country
Bad points:
NOT a right to work state
A marxist for the current governor
Insane, I mean really insane, public unions
A budget that can’t balance with the insane public unions
Insane teacher’s union that go on strike during to the school year to get what they want
And thus, property taxes going through the roof in many counties forcing people out of their homes
A most corrupt city of Philadelphia with massive voter fraud
Republicans control a large majority of the state house and senate
Insane, I mean really insane, public unions ??
Let those two statements you made sink in…
Are you familiar with Harrisburg? If you are, then I’d like your opinion of that area. Thanks.
Harrisburg has been run by corrupt democrats and raped by public unions for generations. They are beyond bankrupt.
Google their Western Muesum for an example.
I would not buy in the city.
God’s country all around it.
Teachers get 100% pensions =property taxes up the shitter
Got TABOR?
Despite all those here on this board who have been predicting its imminent demise over the past 10 years or so, TABOR is alive and well in the Centennial State.
I still don’t get why the rest of you just grab your ankles instead of passing your own version of TABOR.
A marxist for the current governor
Do you have a link for that? It sounds unlikely.
Stop trolling, Mikey. Do you not know how to use Google?
‘my guess is developers will probably try to get that next project done before things start slowing down’
I’ll go farther than that: I can guarantee they’ll try. Just in time to get wiped out:
‘Move-in specials, though, have not enticed enough people to fill the new apartment building, which Hu said sits more than half empty’
Half empty means they are losing money hand over fist.
Half the apartment units are empty and the other half are filled because of move in specials.
Bankruptcy is not far.
So if I read this right…
One you are in CalPERS, it is very, very, very expensive to leave it. Kinda like the BORG.
However, more and more small towns are doing just that. And they are finding out that even one FORMER public union employee is insanely expensive.
CalPERS, I am sure, wants to nip this in the bud. Thus the insanely expensive terminations fees.
The whole public union pension ponzi scheme is blowing up. Towns and Cities that get out now will protect their citizens with much lower property taxes in the future.
+++++
Public workers from two more towns expected to lose CalPERS pensions
Adam Ashton - The Sacramento Bee - September 13th, 2017
Ten workers and retirees from government agencies in two far corners of California likely will see their pensions slashed because their employers have not paid bills to the state’s largest retirement fund in more than a year.
Trinity County Waterworks District No. 1 west of Redding and Niland Sanitary District from Imperial County are in line to become the third and fourth government agencies to break with CalPERS over the past 12 months in a manner that shortchanges their retirees.
In Trinity, five current and former employees will see their promised pensions slashed by 70 percent. Niland’s five beneficiaries will see a 92 percent to 100 percent cut in pension benefits, according to CalPERS’ staff reports.
To fully fund their workers’ pensions, the two districts would have to muster up hefty termination fees. CalPERS asks for that money up front, and then moves the separating agency to a low-risk fund called the terminated agency pool.
More than 1,500 local government agencies are part of CalPERS, the $333 billion pension fund. As a whole, CalPERS has about 68 percent of the assets it would need to pay all of the benefits it owes to its members immediately.
Trinity Waterworks is not in financial trouble, its district manager said. It voted to leave CalPERS in 2015 as it shifted its business model to one that relied on a contractor, meaning it did not have new public employees.
It has set aside money for CalPERS, but it does not have the full amount the pension fund wants.
More small governments could follow the ones that left CalPERS recently.
The Herald Fire District voted unanimously in January to withdraw from the pension fund, citing a preference to expand its volunteer firefighter program. It’s not clear yet how much money it would have to pay CalPERS to find pensions for five former workers.
‘California’s slowing economic expansion was evident in August as the state lost 8,200 net jobs and the unemployment rate rose to 5.1%, from 4.8% a month earlier, according to data released Friday from the state’s Employment Development Department.’
‘August’s slide back was in large part driven by employers in the leisure and hospitality sector: They cut 12,400 jobs on a seasonally adjusted basis — the largest decrease by any sector in the state. Professional and business services and the public sector also lost jobs.’
‘Bernick, who is now an attorney at the law firm Sedgwick in San Francisco, said he’s been surprised there hasn’t been more of a slowdown this year, given high housing costs and the fact that the current jobs expansion has been one of the longest since World War II. “At some point this will end,” he said.’
End? But, Canada?
‘Vista Tower has a $700 million construction loan from a midtier Chinese bank that has a portfolio heavy with nonperforming debt. If Vista’s loan falters or the Chinese government compels the bank to scale back, the project or its bank might be forced to find a new lender to keep money flowing to contractors’
This Chicago piece is an interesting article. It’s the usual cash for visa stuff.
‘February 8, 2017′
“New York City is still the No. 1 destination for foreign capital in the world, according to this year’s AFIRE rankings, but it is no longer an environment in which foreign money — particularly from China — will buy anything in the market at any price. This year, China has clamped down on outbound foreign investment, and firms caught flouting the new laws will be punished harshly, China First Capital CEO Peter Fuhrman said. While most New Yorkers in commercial real estate are aware of the capital slowdown, Fuhrman said they are probably not taking it seriously enough.”
“‘I have the perception that the full weight and severity of these capital controls hadn’t been fully felt here,’ Fuhrman said. ‘It’d be fair to say that the Chinese central government dropped a financial bomb on its businesses.’”
“One of the Chinese government’s chief concerns when instituting the investment restrictions, Fuhrman said, is over outbound investors getting fleeced while paying record-breaking prices. ‘A concern of Chinese regulators is their investors have been really bad buyers,’ Fuhrman said. ‘This can sadly be seen more and more in the larger real estate deals they have done. What they are extremely concerned about is just about every acquisition the Chinese have made, is they have overpaid severely and foolishly, and that has spurred a loss of a lot of Chinese sovereign wealth.’”
http://thehousingbubbleblog.com/?p=9989
What’s this soon-to-be third-largest city commentary?
Chicago has a half million+ more people than Houston. Houston may become more populous than Chicago by 2040. More likely 2050-2060, if then.
In any event, it won’t be happening “soon”.
Uh, it’s called “sarcasm”…
It may be necessary to live in the area to appreciate that.
Very interesting article with slide graphics on the effects of Harvey on the nation’s soon to be third largest city’s neighborhoods.
https://www.urban.org/urban-wire/visualizing-hurricane-harveys-impact-houstons-neighborhoods
These GIS maps are really interesting. I’d like to see a map layer showing the last three years of these four-door pickup truck purchases. My corner of the world is not far from being ranked as “hard-scrabble”, but you’d never guess looking at all the new pickup trucks.
The bubble is still very frothy in my once little burg. A couple I know put their very ordinary house on the market and it sold in one day for 375K, with a bidding war. This house would have fetched low 200’s after the previous crash, if even that much.
From what I have observed, low 400’s is now the upper ceiling for quick sales in my town (which has no major employers). Go above that, unless your house is very exceptional, it will take much longer to sell.
sold in one day for 375K, with a bidding war ??
How can we have this in so many different locations…Whats the common denominator that all these locations have to have this
simularity ??
‘common denominator that all these locations have’
Government backed loans?
And ever-looser lending standards (higher debt limits, lower down payment requirements) pulling more and more suck- ahem- buyers into the market to compete with each other.
Government backed loans ??
If rates were at least let’s say, 6%, would this still be the #1 reason ?? I think not. We had government backed loans in 2010 and there were not multiple offer & over bids on property. So, I submit that it’s interest rates first, along with strong employment in certain areas.
It’s merely a claim. No sale.
Biggest mania in history.
Enablers do not cause a mania, they only help to prop it up temporarily.
“Strong employment…”
And for this people borrow a decade’s gross earnings for a shelter? That is an amount impossible to repay.
Post link to 🏠 shack.
https://www.zillow.com/homes/for_sale/13889137_zpid/globalrelevanceex_sort/40.391591,-105.114157,40.385503,-105.122569_rect/16_zm/
Still for sale.
Here’s the generic link.
https://www.zillow.com/homes/for_sale/13889137_zpid/
Nope, zillow just hasn’t been updated. I know the people who live there. They got an offer.
An offer isn’t a sale
No sale. No cigar.
Next.
Loveland = one hour drive to Estes Park, Rocky Mountain National Park.
Too far from skiing to make a reasonable daytrip on the I-70 corridor.
The Wage Dividend from Low Unemployment
Written by Dean Baker and Daniella Zessoules
Published: 14 September 2017
While the benefit from lower unemployment in terms of more people having jobs is pretty straightforward, there is also a benefit to workers in the form of higher wages. The basic story is that lower unemployment means a tighter labor market and therefore more rapid wage growth.
The relationship between low unemployment and more rapid wage growth shows up most clearly for more disadvantaged workers. When the economy goes into a slump, it is more likely that a retail clerk or person on the factory floor will lose their job, than a manager or a highly educated professional, like a doctor or dentist.
This means that when the unemployment rate soars, as it did in the Great Recession, it is the workers at the bottom of the ladder who are at greatest risk of losing their jobs. They are also the ones who see the largest loss in pay, as their bargaining power diminishes with their employment opportunities.
This reverses as the labor market tightens. The ones who have benefitted most from the tighter labor market of the last few years in terms of employment growth, have been racial and ethnic minorities and less-educated workers. The benefits for those who are at the bottom also show up in terms of wage growth.
http://cepr.net/blogs/cepr-blog/the-wage-dividend-from-low-unemployment
The anger out there is prodigious.
Sounds good but there’s a problem…… We’re a nation full of unemployed people. The economy is a disaster and has been for years.
“Labor Force Participation Rate At Historic Lows”
http://www.richmond.com/business/local/economic-impact-labor-force-participation-rate-at-historic-lows/article_f7baaa72-6588-58ff-88be-b447f142d52b.html
“There are more electrical people in this state I think than ever accumulated anywhere in the world is what I read before. It’s from all over the country they came” — Donald Trump, delivering remarks on Hurricane Irma recovery efforts by Florida Power and Light, and others, in Fort Myers, FL a few days ago.
If you like civilization, and the electricity that makes it possible, thank electricians…
And electrical engineers, and civil engineers
There are more electrical people in this state ??
LOL. Oh boy. It’s new SNL material every day. Electrical People ? Is that like; “My African American over there” ? Pretty pathetic vocabulary with this guy. It’s called “Electrician” OR “Lineman”. Gees. This guy would be working in a carnival without Pappas money.
Well now. Coming from someone who has had some rather incoherent posts from time to time, peeps in glass houses shouldn’t throw stones. Although I will grant that you seem to have had some difficulty with auto-correct on occasion.
Now, as to this post, Pappas is a last name of Greek origin. The correct word would be “Papa’s”.
https://en.wikipedia.org/wiki/Pappas
“Gees” would be the plural of “gee”. As in “His conversation was interspersed with gees.” The more correct term (open to debate, of course), would be “geez”. Or Jeebus. But maybe you were so shocked by “electrical people”, you meant more than one gee. So I’ll give you the benefit of the doubt on that one.
shocked by “electrical people”…
That is funny.
What is the plural of Pompous Ass?
Pretty pathetic vocabulary with this guy It’s called “Corpsman”.
Obama Reads Word “Corpsman” as “Corpse Man” Twice
https://www.youtube.com/watch?v=ZlKIfzoC8D0
I liked when he referred to Michelle as Michael:
https://www.youtube.com/watch?v=8cgk732vfGQ
I also liked the if-if-if-if-if-if-okie-doke thing.
https://www.youtube.com/watch?v=v-66xJLd6Z0
“LOL. Oh boy. It’s new SNL material every day. Electrical People ? ”
Looking back on all the Obama fuqe ups, isn’t it amazing (or not) how none of them ended up on SNL. Then again, I guess that is why SNL has become the sorry tool of a show it is today.
People used to make fun of the way that George W. Bush mangled the English language. Someone noted that, given his education and background, he probably spoke that way intentionally to appeal to his base. His fellow two-time winner Ronald Reagan did the same thing. Meanwhile, Mr. Smarty Pants Mitt Romney was a loser.
given his education and background, he probably spoke that way intentionally to appeal to his base Did that working in the ER, when & as necessary. My purpose was to communicate, not to impress.
if you cant reduce a 4.5 trillion dollar balance sheet now, how will you ever reduce it when it balloons to 10 trillion?
Remember: QE is like a roach motel, once your in you can never get out!
Canada has a single payer health system and it’s critics say it doesn’t allow for quick access for seriously ill patients. WRONG.
If you have a routine operation it will be up to three months - in the interim you will be put thru a series of tests, etc, and if it has deteriorated you could be on the op table that day.
If you have a sudden serious development which requires immediate care you will get it.
100% of the time.
The advantages of a government run system is that it is well organized and every doctor gets paid the same for each different treatment.
There are caps on what they can bill and if they exceed that cap, which is high, then they can be discounted by as much as 90%.
The system is very efficient. Doctors who try to cheat are quickly discovered ie more billings in one day then they could’ve ever done, etc.
So…why is the wait time for a Dermatologist appointment two freakin years?
Routine skin care is not covered under health care. But if it is a cancerous growth that is not deemed serious, then you might wait up to a month for it’s removal.
How was your boating season.
But if it is a cancerous growth that is not deemed serious,
Don’t need no steekin’ dermatologist to “deem” such trivial matters!
Up here in Canada, your slim, fit, and healthy…or dead.
Baggy
You know that isn’t true.
We have a longer life expectancy than most other nation’s citizens.
However, since we all play hockey - you might be right —–
Naw, your wrong.
Bradenton Beach, FL Housing Prices Crater 11% YOY
http://www.movoto.com/bradenton-beach-fl/market-trends/
How a bill requiring Florida nursing homes to have backup AC died
By Carol Marbin Miller and Mary Ellen Klas, Miami Herald
Thursday, September 14, 2017 10:04pm
In the aftermath of 2005’s destructive Hurricane Wilma, Florida lawmakers approved laws to protect motorists at risk of getting stranded on the interstate, and residents of new highrises who can’t climb stairs.
Proposed at the same time: a bill that would have required some nursing homes to have generators to protect frail elders from the ravages of heat and dehydration.
That bill died.
Cause of death: industry opposition and government miserliness.
The initial idea in the 2006 session was to require all nursing homes to install generators capable of cooling and running their facilities. That went nowhere as the powerful long-term care industry objected to the price tag.
A compromise bill would have set aside about $57 million to reimburse half the cost for some nursing homes that were willing to install full-service generators — and accept other nursing home residents who were being evacuated.
The legislation passed almost unanimously in the House of Representatives, but was derailed in the Senate.
“The Legislature is horrible when it comes to everything that doesn’t have a tragedy behind it,” said then-Rep. Dan Gelber, who sponsored the legislation in the House. “They have one now.”
http://www.tampabay.com/news/politics/stateroundup/how-a-bill-requiring-nursing-homes-to-have-back-up-ac-died/2337550
Wondering… how did Floridians survive before AC was ubiquitous?
They put up with the heat as best they could, and they learned to live with it and minimize its effects. They built homes that took advantage of the prevailing winds and they had sleeping porches.
I once visited a very old building in Miami that was constructed in 1907. It had an elaborate system of pipes that vented through the floor, to bring cooler air from underground. I was there on a July day at high noon. I’m not going to say it was cool, because it wasn’t, but it was tolerable.
Most people who live in Florida today probably couldn’t live without AC. I sure couldn’t.
I am a 72 year old native Floridian. I did not reside in an air conditioned home until I was 21 yo. The house where I grew up (parent’s) did not receive a/c until about 1985. The high school I graduated from (1963) only had a/c in the administrative offices and the library. We seemed to get along just fine. Of course, now I couldn’t or rather don’t want to. I am old, fat, and acclimated to 70 degrees. But rest assured, life could go on just fine in Florida without a/c.
But rest assured, life could go on just fine in Florida without a/c
– Just as long as you’re not old, fat, or otherwise incapable of acclimating / tolerating / surviving the usual Florida summer conditions. 49% of Katrina-related deaths were in the 75-and-older part of the population.
America’s highest-earning state probably isn’t the one you would expect
By Christopher Ingraham September 13
Pop quiz: Which U.S. state had the highest median income in 2016?
New York or California, perhaps, home to some of the nation’s wealthiest cities? Maryland or Virginia, with their Washington suburbs flush with government cash? Alaska, home of the famous oil revenue checks for every man, woman and child?
All of those guesses are wrong, according to the latest 2016 income data released by the U.S. Census. The correct answer, believe it or not:
New Hampshire.
The Granite State’s median household income last year was a whopping $76,260, nearly 30 percent higher than the national median of $59,039, according to the Census.
The typical New Hampshire household earned $35,000 a year more than the typical household in the country’s poorest state, Mississippi, where the median income is $41,099. Put another way, the median income in Mississippi today is about as low as the median income in New Hampshire 20 years ago, in 1997 ($40,998).
https://www.washingtonpost.com/news/wonk/wp/2017/09/13/americas-highest-earning-state-probably-isnt-the-one-youd-expect/?utm_term=.c580e044d04a
The recent bull market is the best run since WW2 as revenue has went into the sh@tter.
Instead of the business cycle we now have the FED cycle.LMFAO
Montclair, NJ Housing Prices Craer 7% YOY
https://www.zillow.com/montclair-nj/home-values/
Soledad O’Brien on her Sunday show, Matter of Fact which follows Clinton Wiz kid George Steponallofus and his cough cough Sunday Morning News show This Week with George Stephanopoulos where “panel discussions” put “into unique perspective the preceding week’s news” had a segment called…
“THE ASSAULT ON THE TRUTH IS NOTHING NEW. A RADIO HOST AND AUTHOR REMINDS US WE WERE ALWAYS SUSCEPTIBLE TO FANTASY.”
Soledad leads it off with the 97% if scientists agree on Man made Climate Change BS before she and her guest go off on… “THE ASSAULT ON THE TRUTH ” in which they rail against people not swallowing what the MSM is feeding them hook, line and sinker.
Quite honestly, I don’t see how they still get away with using that 97% cr@p and have anyone but this lady believe them…
https://www.youtube.com/watch?v=3yLa2YAz2LI
‘97% Of Climate Scientists Agree’ — Is 100% Wrong – ‘Claim is a deliberate misrepresentation designed to intimidate the public’
http://www.climatedepot.com/…/97-of-climate-scientists-agree-is-100-wrong-claim-is-a-deli...