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Tag Archives: Real Estate

Tapped-Out Tenants Take Charge as Landlords Pursue End Runs Around Eviction Moratorium

Yves here. THE CITY provides on-the-ground reporting on the war between landlords and tenants during a supposed eviction freeze. This is a disheartening view of what many renters are facing across the US, such as landlords engaging in illegal tactics like entering and seizing property or letting other people take over the rental. One reason the landlords feel so emboldened even in New York, which has strong tenant protections and a specialized housing court, is that the housing court is...

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The Other Eviction Moratorium: Storefront and Office Tenants are Hanging on. But for How Long?

Yves here. I was surprised when I went to New York (admittedly I did very little, just cabbed to doctors) to see that there wasn’t much of an increase in shuttered storefronts compared to the old normal (and there were a lot due to landlords putting through aggressive rent increases starting 3-4 years back). I have to confess that I didn’t know that there was an eviction freeze for commercial tenants too. The article below has some data on the lease renegotiations for restaurants. Notice most...

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3-Reasons Why There Really Is No Housing Shortage

One of the most recent mantras in the financial media is that housing prices rise because there is an inventory shortage. While it is an excellent headline for “getting clicks,” the are 3-reasons why there really is NO housing shortage. A Quick Story In 2007, as the housing market was going crazy, I lived in a quiet, gated community. I had no intention of selling my house. However, one day, a knock came at my door from a realtor who had a client willing to pay me much more than I ever...

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Housing Market Goes Nuts, Everyone Sees it, But it Can’t Last

Yves here. On the one hand, Covid will be with us for some time, and so will its effects on the housing market. But a recent Wall Street Journal interview of CEOs showed way over 90% hated remote work. They think a lot of informal collaboration has gone down the tubes, and some also claimed productivity was down (not implausible given that many employees are now having to contend with a lot more child management). So expect work-at-home to be curtailed when Covid is eventually contained. And...

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Why Has Mayoral Candidate Scott Stringer Invested New York City Pensions in Private Equity Firms Like Blackstone?

Yves here. CalPERS gets such a disproportionate amount of press attention than most other US public pension funds, which results in too many of them getting a free pass on similarly shoddy practices. This article by Matthew Cunningham-Cook focuses on the role of Scott Stringer, currently New York City Comptroller, who also oversees the New York City pension system called New York City Employees’ Retirement System, or NYCERS. And it’s worth noting that a connection to Blackstone increasingly...

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Tactical Update: Uncertainty Abounds

This seems an opportune time to review the difference between Strategy and Tactics. Strategy and tactics are how we achieve our goals and objectives. In our specific case, the goals and objectives are financial in nature. Strategy is the path we will take to get from where we are today to where we want to be tomorrow; it is the big picture plan. In investing strategy is your asset allocation target, how you will allocate your resources across various asset classes to achieve the returns you...

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Macro N Cheese – Debt Deflation and the Neofeudal Empire with Michael Hudson

This is Naked Capitalism fundraising week. 1563 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, or PayPal. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal, more original reporting. Michael Hudson [intro/music] (00:02): The money that you pay for...

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San Francisco Rents in Free-Fall. New York Rents Swoon. Expensive Cities, College Towns, Cities in Texas, Other States Sag. But in 16 Cities, Rents Jump Double-Digits

This is Naked Capitalism fundraising week. 1468 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, or PayPal. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal, more original reporting. Yves here. New York City not all that long ago showed year-to-year...

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What Rent Drop? Listed Prices Aren’t Budging Where COVID-19 Hit Hardest

Yves here. I have a soft spot for stories that debunk conventional narratives, and we already have quite a few on Covid-19. UserFriendly sent one from Curbed a few days back that we ran in Links: No, the Pandemic Is Not Emptying Out America’s Cities. This story from The City is a variant on that theme: even one of the cities that Curbed singled out as having Covid-19 exodus, New York City, isn’t seeing much in rent relief. Of course, that may be “yet” given the eviction freeze plus how long...

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