A Recipe For An Overbuilt Market
A report from Bloomberg. “Have you ever bought a sweater off the sale rack and then thought, ‘Wait, 30 percent off what?’ That’s what it’s like shopping for an apartments in dozens of U.S. rental markets, as landlords offer discounts on asking prices—even as rents remain at historic highs. In San Francisco, where median rents have marched upward for years, landlords reduced the listing price on 21 percent of listings in the 12 months that ended Sept. 30, according to a new report published by Trulia. That’s up from 14 percent of listings that were price-chopped last year. In more than 40 cities across the country, including both hot spots like Denver and quieter markets like Tulsa, Okla., landlords cut prices on at least 10 percent of listings, the report said.”
“There are two main reasons for the rent reductions, said Mark Uh, a data scientist at Trulia. In the most expensive U.S. markets, landlords may have exceeded what renters will pay and are beginning to ease up. In cities where rents are cheaper, property managers are probably lowering their asking prices to make their units competitive with the supply of new apartments flowing into the market. ‘Landlords have been listing units too high,’ said Uh. ‘When they reduce the price, they’re finding people who are eager to rent.’”
From Utah Magazine. “Downtown Salt Lake City is seeing an unprecedented boom in apartment development, according to a new study released by the Kem C. Gardner Policy Institute. In 2010, after 100 years of development, the number of downtown rental units in Salt Lake City totaled 5,200. By 2020, that number is expected to double to 10,000 units. For the purpose of the study, downtown includes the area from approximately 700 East to 700 West and from 400 South to North Temple, or roughly 1.65 square miles.”
“‘The magnitude of the current boom combined with very high rental rates seems like a recipe for an overbuilt market,’ said James Wood, Ivory-Boyer Senior Fellow at the Gardner Policy Institute. ‘However, as of October 2016, there are no signs of a distressed market. Vacancy rates are low, rental rates are increasing and absorption rates are strong.’”
From Boston Agent Magazine in Massachusetts. “Boston Agent (BA): Tell us about how Boston’s construction market is doing this year? Sue Hawkes (SH): It’s the largest construction boom that we’ve seen in the history of Boston, frankly. We now have a large development cycle that’s inclusive of condominiums, as well as the rentals. Some would argue that we’ve got an over supply of rentals. I think that it’s not so much the over supply that might be the issue but the required price point for the rentals that are being built can only be satisfied by the highest end consumers.”
The Pacific Business News. “Honolulu maintained its spot as the 11 th priciest city for renting an apartment during October, though rental prices declined, according to Zumper Inc. For a two-bedroom apartment, rent fell 4 percent from last month to $2,400. Rents even declined in the top two priciest cities: San Francisco and New York. In San Francisco, one-bedroom prices were down almost 8 percent from last year with a median rent of $3,380. Two-bedroom median prices were down 6.6 percent from last year to $4,670.”
From The Record in New Jersey. “After a four-year surge, home construction in New Jersey has eased this year, running about 12.6 percent behind last year’s pace, according to the U.S. census. Multifamily construction continues to drive the activity, accounting for 64 percent of the building permits issued in the state so far this year. Edgewater builder Fred Daibes said he has seen a softening in demand for rentals, except in towns close to the Hudson River. He and a partner are building a 277-unit rental building in Cliffside Park’s shopping district, and Daibes also has rental projects under way in North Bergen and Fort Lee.”
“‘High prices in Manhattan are pushing the overflow here,’ Daibes said. But except for along New Jersey’s Gold Coast, he’s not sure there’s enough population growth to keep up with the supply of new apartments coming to market in the Garden State.”
From Miami Today in Florida. “As a steady stream of completed rental units trickles into the Midtown residential market just as construction begins on others and still others are proposed, the emerging market seems to have nothing but smooth sailing ahead. As of the second quarter of the year, there were 978 completed units in Midtown, according to an Integra Realty Resources market study. Current asking leasing prices in Midtown average $2,672, with an average achieved price of $2,580 and an average of 11 leases per month.”
“Jonathan Mann, a broker with the Jon Mann Group at Coldwell Banker expects occupancy to stay stable so long as rents remain in the area of where they are now and ‘millennial incomes remain strong.’ Hyde Midtown, with 410 units at 3401 NE First Ave., is seeing an average price of $632,500 per unit at $575 per square foot and an average square footage of 1,100. ‘Inventory has accumulated, and asking prices have continued to drop in the existing towers – Midtown 2 and Midtown 4 – and sales in Hyde Midtown and other pre-construction towers were pretty much non-existent during the third quarter, including the cancellation of Boulevard 57,’ Mr. Mann said.”
The headline for the last link:
‘Thousands of units flow into Midtown residential market’
‘Current asking leasing prices in Midtown average $2,672, with an average achieved price of $2,580 and an average of 11 leases per month.’
11 a month.
‘and sales in Hyde Midtown and other pre-construction towers were pretty much non-existent during the third quarter’
Meanwhile, back at the ranch:
‘Continuing a 13-month streak, Abilene homes leased slower when contrasted to market absorption in the same month from the prior year. Over the last four months, homes stayed on the market longer and September 2016 rentals sat, on average, for 37 days before a lease was struck.’
‘Using this month’s North Texas Real Estate Information System data, the 11 rentals in 79601 that leased in September spent 58 days on the market. Homes in 79602 and 79603 leased in 28 days. Between those statistics, local landlords are faced with 1 to 2 months of lost rent. Rent per square foot dropped 2 cents per square foot between August and September. When analyzed by school district, Abilene ISD rentals saw a 6-cent drop in rent.’
“the rentals that are being built can only be satisfied by the highest end consumers.” You Bawsthan goofuses. Who would have thought building nothing but $1+ million apartments and $3,500+/mo apt rental buildings would lead to “not really a supply problem just the price entry point”….These people are delusional. Of course they ran out of trust fund babies or 30 something DINKs scraping everything they have together to afford the rent…
“Our economy is strong, our local government is progressive and stable and foreign capital sees us as a safe haven for money” - Straight from Sue Hawkes mouth to the Boston Magazine.
Safe haven for foreign capital helping sustain and cushion the Boston housing/rental market….But its ok, shes an expert, shes lived through 3 cycles, Boston won’t fall flat on its face she says.
‘not really a supply problem just the price entry point’
Even those that take it on will get tired of spending so much. Or get bored with bar-flydom. One thing to consider: are we seeing this all of a sudden because of the flood of supply? That’s certainly part of it. But it also could be the economy is faltering. When I sit back and consider the state of my tenants finances, it’s just as good an indicator of the overall economy as any out there.
Actually, I agree that the problem is the price point and not the supply. If we had an oversupply of $900/month basic apartments instead of $2400/month dog-grooming parlors, the kids would come out of mom’s basement to fill those units.
The faltering economy caused investors to chase yield, which chased developers into building luxury Grade A apartments, because luxury is the only sector that pencils out. And now, since the young folks are spending every dollar on rent, they can’t buy anything else, making the 70% consumer economy falter ever more.
“The faltering economy caused investors to chase yield, which chased developers into building luxury Grade A apartments, because luxury is the only sector that pencils out. And now, since the young folks are spending every dollar on rent, they can’t buy anything else, making the 70% consumer economy falter ever more.”
The problem with this logic is that all-else equal, lower yields should allow more types of housing be built, not less.
In other words, what makes a property “pencil” is that Income/Total Cost is greater than the prevailing market cap rate for the stabilized asset. If you imagine a universe of potential projects, all with their income/cost number determined, lower and lower cap rates make more and more of those prospective projects viable.
Inexpensive apartments should more easily pencil with low yields.
What happened is that investors like to buy shiny new assets that look good on brochures, with tenants that can afford higher and higher rents. Banks like to lend to those assets.
And the first such properties that were built, were met with success. And that was the major domino to fall.
The major flaw (which people are discovering now), is that while there is some demand for luxury apartments, that demand is not unlimited in depth–and so, like a 6-year-old soccer player, all developers rushed into luxury, bidding on land that was suitable for it, to a point where it ONLY made sense for luxury.
The other flaw, which I believe has not yet emerged, is that the renters of expensive units are the very demographic that can/will be drawn into homeownership when they get married, have kids, etc.
$900 is too much for a basic apartment. Basic apartments are supposed to be for low-income people. Hence the words ‘basic’ and ‘apartment’.
How many people in this country make $10, $12, $15 per hour before taxes?
I was basing my guess on similar locations. Most of this Grade A stock is being built in walkable downtown areas near jobs and transit. If a developer built a basic highrise in the same location, it would probably rent for more than $900.
For comparison, in the tonier areas of DC, a basic 1-bed in an older high-rise which is located 30 minutes subway to downtown costs $1600/month including utilities.
The people living in the coastal ant hills have such a different view that we do. We’ve got some new luxury apartments here, they rent for $1000/mo. They actually have some tenants.
You can rent a house in town for $700/mo and sublet a couple of the rooms to family members or friends and get by on that $15/hr job. I rented a farm house outside of the village for $400/mo until I found a less extravagant arrangement.
Most people are crazy and want kindred spirits for company.
Ouch, thats not gonna buff out:
NY Times reports 95.7 percent fall in quarterly profit
http://www.reuters.com/article/newyorktimes-results-idUSL4N1D3456?feedType=RSS&feedName=cyclicalConsumerGoodsSector
Best comment? Now mexico (carlos slim, mexican billionaire and owner of the nytimes) will have to western union money to the US to keep the paper solvent.
Dont just stand there, go out and buy a house!
Real journalists, get ready to eat some real ramen…
Couldn’t happen to a nicer bunch of folks, seriously
Sunrise over Dumver from our first unit on the 5th floor:
http://www.picpaste.com/20161102_074315.jpg
?
https://www.youtube.com/watch?v=ov5kvWSz5LM
??
https://www.youtube.com/watch?v=nRu3U-nwyhw
I don’t have time to watch YouTube videos during the day, I’m too busy putting in nailplates to protect my wires so your drywall crew doesn’t come in and f* it up…
You running wire on exterior walls?
Nail plates go on before the drywall on the interior face of a stud, I do believe.
How will a ‘Little Ice Age’ effect housing?
http://dailycaller.com/2016/10/31/the-next-little-ice-age-is-already-here-russian-scientist-claims/
How is this possible? Global warming was going to destroy us all as reported right here on this blog.
affect not effect
‘In 2010, after 100 years of development, the number of downtown rental units in Salt Lake City totaled 5,200. By 2020, that number is expected to double to 10,000 units. For the purpose of the study, downtown includes the area from approximately 700 East to 700 West and from 400 South to North Temple, or roughly 1.65 square miles.’
100 years of building in 4, and in a 1.65 sq mile area. Sure, why not? These SLC renters are rich!
‘The magnitude of the current boom combined with very high rental rates seems like a recipe for an overbuilt market…However, as of October 2016, there are no signs of a distressed market. Vacancy rates are low, rental rates are increasing and absorption rates are strong.’
This is how these guys get overbuilt. Even if they have a bit of skepticism, as long as the money is flowing they charge ahead.
I like Boise much better than SLC as far as cities go. Boise has high rise, luxury apts going in as well and 2 fancy hotels due to the new convention center.
http://951front.com/ Boise’s premier urban lifestyle
Do they have doggy day care too?
But how did those dogs get up there?
There was no sign of impending doom 8 years ago, at least for those who refused to see the train bearing down.
The level of investment properties 8 years ago was about 25%, now it can easily average to 50% and yet some believe that the resulting crash won’t be worse.
::sigh::
I recall a real estate economist saying in the pre-2005 period that the unprecedented penetration of foreign investors who bought U.S. residential real estate was indication that a crash was on the way.
Any thoughts on whether the market share of foreign buyers might be a concern at this point?
How Mormon is SLC? The don’t drink and they marry and breed young — the exact opposite of why these apartments at attractive.
A lot compared to most places, but I heard that recently downtown SLC dropped to less than 50% LDS. I think there’s plenty of the same thinking there that infects everywhere else regarding the desirability of an overpriced downtown condo close to the bars.
It’s definitely fascinating. I was in Utah a few years ago and was pleasantly surprised that, in addition to Temple Square and the Mormon Church administrative headquarters, SLC had a small downtown “scene.” But outside of that area, hipsters and non-Mormon yuppies were vastly outnumbered by wholesome-looking couples in their early thirties with four or five kids in tow.
Obamacare is garbage. Yet, they stick with it. Thanks GOP.
Yeah, that’s why it’s called Obamacare.
ACA - Max Baucus, former U.S. senator from Montana and the former U.S. Senate Finance Committee chairman, has been credited as the lead writer for the Affordable Care Act, also known as Obamacare.
The Senate Finance Committee held meetings from June to September 2009 to develop the health care reform bill, according to the finance committee’s website. Present at those meetings were Democratic senators Max Baucus, Jeff Bingaman and Kent Conrad and Republican senators Mike Enzi, Chuck Grassley and Olympia Snowe, but there is no single author of the bill. It was a collaboration of Senate Democrats and Republicans, members of the House of Representatives, the late Sen. Edward M. Kennedy and other interested parties, indicates Jonathan Cohn of New Republic.
Yet none of them had read the bill when it got voted on. The lawmakers did not make the law, they only made it into law. You must be a pretty young pup if you can’t actually remember 2009.
Medicare for all is what we need.
The Republicans attack Obamacare for partisan reasons. And they are often blatantly dishonest in their criticism. Their foundational claim, calling Obamacare socialized medicine, is the opposite of reality
What’s your favorite single payer (socialized med) country?
Everyone I’ve studied is a disaster
My father always spoke highly of his experience in Scotland, where as a young lad traveling, he had his wisdom teeth removed for free. Of course, as a doc, he was wildly opposed to socialized medicine here at home.
Until health insurance premiums rise for the obese, smokers, etc., there will be run-away expenses.
I can’t remember where I saw the post, but someone posted a picture of the bill s/he got from a doctor after a couple of stitches were installed in a finger. The finger was cut while the owner was chopping vegetables. The bill? Over 14K for what the poster said was 45 minutes of medical care. Unreal.
The law is corporatist more than anything else, although its origins are on the political right — the intellectual foundation came from the Heritage Foundation, and Romney signed a version of it as governor of Massachusetts. My personal theory is that Obama backed it to show the nation how bipartisan he was.
The funny thing is, you look at all the ambitious construction going on at hospitals around the country, and you’d think we’re in the golden age of medicine. We’re not. We’re in the golden age of the healthcare administrator. Just like at universities, where we’re in a golden age not of teaching or learning, but of the university administrator.
I don’t think golden ages of administrators last very long.
The GOP would like to repeal and replace Obamacare with something else.
It’s the Democrats that passed the abomination above the screams of the GOP.
At this point, the talking points from the left are that Obamacare would be fine if there were a few tweaks to it.
The Democrats today would like to “stick with” Obamacare, not the GOP.
something else.
such as? Why cant they tell us their better plan? Blue Cross loves the GOP just as much as the DEM.
yes, tweak it, add competition and make it like medicare, they already have the sign ups. I should be able to get Canadian drugs and get my insurance in Kentucky.
Their “better plan” is tort reform and selling insurance across state lines. But if those were the solution, why haven’t they done it? They have both Houses of Congress. Make Obama veto something.
Tort reform has happened in places like CA, and it doesn’t make much of a difference. Selling insurance across state lines is a big nothing unless those selling the insurance have enough market power to effectively negotiate with medical providers in the target market.
I’d personally like to work piece by piece to solve the problems that need solving in healthcare, rather than try to restructure an industry that represents 15%+ of GDP with one law without even reading it before passage.
So, people can’t get insurance if they have pre-existing conditions? Fine, spend creative energy creating a government subsidized high-risk pool, including thoughtful ways to include some of the high-risk covered within large corporate plans, and mechanisms to allow movement between companies for those with such medical conditions.
Kids can’t stay on their parents plan until they are 25? Fine, require insurance companies to offer that option.
You can do those two things without the creation of the ACA.
http://khn.org/news/republican-health-bill/
“The Democrats today would like to “stick with” Obamacare,”
More stupid voters paying a larger mandate penalty to go along with skyrocketing premiums along with much higher deuctables and it will be fine.
ObamaCare Architect Admits “The Law Is Working As Designed” As Premiums Spike
by Tyler Durden
Oct 26, 2016 5:20 PM
“Look, once again, there is no sense of just what has to be fixed, the law is working as designed,” Gruber told CNN. “However, it could work better and I think the most important thing experts would agree on is that we need a larger mandate penalty.”
ObamaCare Architect Admits “The Law Is Working As Designed” As …
http://www.zerohedge.com/news/2016-10-26/obamacare-architect-admits-law-working-designed-premiums-spike - 180k - Cached - Similar pages
Open enrollment just began here at the office. There was no price increase. Of course, we don’t do “Obamacare”. We are self insured, with UHC managing the claims. I’m also going to save $2500 next year on premiums, as the kids now all have their own insurance where they work, so I’m dropping them. One of them would have been dropped anyway, as she turns 26 next year.
The GOP would like to repeal and replace Obamacare with something else.
I don’t think GOP knows what it wants. NeverTrumpers will most likely want Obamacare replaced with Romneycare.
For the rest, they have no clue and I don’t that’s a bad thing.
Might as well accept Obama is garbage. Needs another nobel prize.
‘Landlords have been listing units too high,’ said Uh. ‘When they reduce the price, they’re finding people who are eager to rent.’
Yeah, it’s happening a lot in places like NYC. Problem is, it’s a new vacancy for the landlord they gave the heave-ho to.
Maybe it is Millenials leaving mom’s basement with a box of LP’s and a case of Kombucha.
Yeah, it’s happening a lot in places like NYC. Problem is, it’s a new vacancy for the landlord they gave the heave-ho to.
It’s not a zero sum game if there is local household formation.
So is slc the one and only rising market in the world ?
It’ll crash soon enough. Utah is known as one of the scam capitals of the world.
John Stewart keeping it real: http://www.huffingtonpost.com/entry/jon-stewart-donald-trump-twitter-war_us_5819a04fe4b0f96eba96e507
Are you one of the last employees for CTR? We lost a few other clowns on this board, I’m guessing the checks are bouncing?
LOLZ
Last hillry supporter. Brave, soul.
I had to look it up. CTR = Correct the Record, a shill org for Hillary.
Molasses Crash 2016.
The S&P 500 closed down for a seventh straight day on Wednesday.
Election, Janet! Pump it up baby!
I dont follow baseball at all, but heres my prediction: cubs take it. If it happens I’ll post the the why tomorrow, which has to do with our current political and economic state.
Just saw this hit the wire, massive straw donor scheme to the dems from a personal injury law firm in boston:
http://www.cbsnews.com/news/thornton-law-firm-straw-donor-scheme-bonuses-boston-globe-spotlight/
“I dont follow baseball at all, but heres my prediction: cubs take it. If it happens I’ll post the the why tomorrow,”
Did you graduate high school in 1993?
Behind the 1993 yearbook quote that eerily predicted Cubs World Series
By Hannah Withiam October 25, 2016 | 7:33pm
For the first time in 108 years, the Cubs may have luck on their side thanks to one fan’s foresight 23 years ago.
In 1993, Michael Lee, a Chicago native who attended high school in California before moving back to his hometown, boldly predicted the Cubs’ next World Series title and turned a randomly chosen year into an extraordinary coincidence.
“Chicago Cubs,” Lee wrote under his senior-year photo in Mission Viejo High School’s yearbook. “2016. World Champions. You heard it here first.”
http://nypost.com/2016/10/25/behind-the-1993-yearbook-quote-that-eerily-predicted-cubs-world-series/
Better question would be, am I Mike Lee? Answer is no to both. But more synchronicity doesnt hurt my prediction.
The restaurant recession has arrived
‘One factor is pressure on discretionary income from the rising costs of staples such as rent, medicine and education. Then there’s the steady rise in the cost of eating out, which has come just as grocery bills are getting cheaper. The cost of food purchased for home use—that is, groceries—has fallen 2.4% in the past year, government data showed in October. That’s the biggest decline over a 12-month period since the end of the Great Recession in 2009, as MarketWatch’s Jeffry Bartash reported.’
‘Food costs have shrunk because of a global glut in farm products such as wheat, rice, soy and corn. Then there’s the effect of U.S. producers increasing the size of egg-laying chicken flocks and cattle herds, which has helped bring down the cost of eggs, beef and milk—egg prices alone have tumbled a staggering 50% in the last year.’
‘At the same time, the cost of food away from home—takeout dinners and restaurant meals—climbed 2.4% in September from the year-earlier period.’
“People need to eat, but they don’t need to go out to eat,” said Mark Kalinowski, restaurant analyst at Nomura, who said he believes there’s a “general consumer unease” that is also impacting spending habits.’
http://www.cbsnews.com/news/thornton-law-firm-straw-donor-scheme-bonuses-boston-globe-spotlight/
But the Lola’s here tell us cost isn’t a factor for eating out.
Lolas and Donkeys. Empty pocketed and empty skulled.
This is weird — I did not add that link to my post.
No more waiting at Applebee’s?
“general consumer unease”
Does millions of people having taken jobs that pay half as much as they used to make cause unease?
The move from pricey casual dining chains to more affordable high end fast food places like Panera, Chipotle or 5 Guys has been going on for a while.
I can make a tenderloin steak dinner at home for less than some cr@p meal at Applebee’s.
“Colorado Gov. John Hickenlooper on Tuesday proposed cutting transportation funding in the state’s general-fund budget by 41 percent over the next two years, even as his staff expressed concern about increasing congestion and more fatal accidents on the state’s roads.
In submitting his budget proposal for the fiscal year that begins on July 1, the Democratic governor also proposed a $195 million cut in state hospital provider fee funds going to health-care facilities as part of $500.1 million in balancing actions needed to bring the rising costs of running other departments in line with the much smaller increase in revenues that is predicted for the 2017-18 fiscal year.”
http://www.bizjournals.com/denver/news/2016/11/01/hickenlooper-plans-transportation-hospital-funding.html
Got TABOR?
But what about all the weed tourism revenue?
Got eaten up by the weed tourism crime and general bumness.
He’s playing the old “withhold critical services until we get a tax increase approved by voters” game.
It won’t work.
Real journalists actually reported this.
Landlords are slashing rents across the country. Haven’t you noticed?
In more than 40 cities nationwide — including Denver — landlords cut prices on at least 10 percent of listings:
“In San Francisco, where median rents have marched upward for years, landlords reduced the listing price on 21 percent of listings in the 12 months that ended Sept. 30, according to a new report published by Trulia. That’s up from 14 percent of listings that were price-chopped last year.
In more than 40 cities across the country, including both hot spots like Denver and quieter markets like Tulsa, Okla., landlords cut prices on at least 10 percent of listings, the report said.”
The article concludes with this, which is very strange:
“Just because an apartment is asking less than it did last week doesn’t mean you can afford to live there.”
http://www.denverpost.com/2016/11/02/rents-down-across-the-country/
Turd World
San Fran Spiral: Syringes, Shit on Street…
http://www.sfgate.com/bayarea/article/Complaints-of-syringes-human-waste-rise-10459969.php
I have experienced this first hand just few blocks of LA downtown. Urine and $hit smell. Nothing says like turd world like…..
I read that article, hilarious - maps of where you most likely will find syringes and feces. Insane fools in Cali will probably form a department of syringes and feces now, lol! Comments are gold too.
That’s really disgusting. Why can’t they place porta-pottys in these areas? Storm drains are not the same thing as sewage drains.
“Why can’t they place porta-pottys in these areas?”
Porta-potties are a messy enterprise under the best of circumstances. Imagine the job of keeping a collection of porta-potties, made available to the growing army of homeless people, in clean and usable condition. Obviously crap in the street is not a good alternative, but porta-potties for the homeless would be difficult to manage.
Reminds me of the sometimes literal crap shoot you’d take going into an indoor ATM at Citibank in NYC in the late 70’s/80’s. You’d realize that a homeless person was making it their home and if you were going in to get money, you were taking the risk of them assaulting you.
If you felt bad about it you could hand them something, but for the most part you just generally wanted to get out as soon as possible due to the risk/stench.
Used to work across the street from the Ed Sullivan Theater. As I was descending the stairs to the subway (Seventh Avenue station) I saw people who were coming up gagging - then it hit me. A homeless person was at the bottom of the stairs and the whiff was blowing upward was unreal.
Some homeless drug addict would move into the p-a-p and knife you as you entered.
Prostitutes will convert the p-a-ps into home offices.
LOL!
Dude, SF has some of the grungiest pits I’ve ever seen. The homeless are psychotic as well. Just take the BART or MUNI and get off at ANY stop on Market St and within 30 seconds you’ll be introduced to at least some urine, feces, or angry homeless. The sad part is that Market St is supposed to be the main drag.
My coworker was taking his daughter around Fisherman’s wharf on a nice Sat afternoon and a homeless person just started yelling and flashing his junk at them.
Over my 130 day project stint there, and everyday use of public transportation, I did not understand the desire to pay $3-4k/mo rent or work 2-3 menial jobs to “live the Cali dream”. SF is digusting except for the new yuppyville King St/ “south beach” area…
Do you think the world will realize what a swamp SF has become once the current wave of real estate mania subsides?
SF residents vote for Democrats, then wonder why the city is in a downward spiral?
If Facebook and other tech companies head to Texas, which they’ve threatened to before, due to taxes, SF will quickly, and I mean quickly, deteriorate.
Chighetto ‘re taxes going up 12%
I figure that’s a 2% equity drop
So I turn on the baseball game for the first time in 16 years and a dude with a racist looking Indian on his shirt hits a 2 run dinger to tie the game at 6.
My Chicago friends already got stuck in a pop up riot leaving a bar watching the game. He said he was driving home when all of the sudden he saw swarms of police cruisers/SWAT trucks, and then just started hearing glass breaking and his car glass cracked and he was able to leave quickly..
“all of the sudden he saw swarms of police cruisers/SWAT trucks, and then just started hearing glass breaking and his car glass cracked”
Good times.
The Series is rigged!
More high-income households chossing to rent instead of buy.
http://wolfstreet.com/2016/11/02/high-income-renters-not-a-housing-crisis-for-everyone/
That happened with increasing regularity before the 2007-08 wave of housing collapse. While visiting Manhattan, I heard stories of highly paid consultants “going short” by selling their owner-occupied homes and renting, and of cab drivers and hair dressers with sidelines as real investors.
Sounds like the fun times are back.
Meanwhile, auto repossessions are soaring. Never saw that coming, what with all our subprime auto borrowers and their NEA-imparted deficient math and budgeting skills.
http://www.zerohedge.com/news/2016-11-02/more-signs-strong-us-consumer-emerge-auto-repossessions-soar
Think tanks (neocon oligarch hirelings) want moar war. Their sons and daughters won’t be the ones doing to fighting and dying, rest assured.
http://lobelog.com/think-tanks-beg-give-us-war/
And what happens when a mushroom cloud appears over their elite residential enclaves?
“The people who cast the votes decide nothing. The people who count the votes decide everything.” — Joseph Stalin
http://www.theburningplatform.com/2016/11/03/how-voting-machines-are-programmed-in-order-to-steal-elections/
Which is why I am against vote-by-mail, as my state has now converted to.
If we seriously cared about elections in this country, here’s what we should do:
Election day should be a national holiday on which everything (except perhaps mass-transit) is closed. No going shopping, bar-hopping, or so on. You go to the polling place, show your ID, sit down and read the voter’s guide, and vote. Absentee ballots only allowed for those away in the military and those in hospitals or care centers. Or we have election volunteers who go into the rest homes and hospitals with a mobile polling station.
the reason why certain people are against voter id is……they have outstanding warrants or judgments and dont want to be found.
Would Trump’s many international business interests in the globalized economy create conflicts of interest with him assuming the presidency?
bear i would be far more worried about the clinton foundation and how they will become billionaires if she is elected by demanding a sizable donation to talk to her.