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Investors Are Selling Up Because Financial Stress Is Rising

A report from Daily Mail Australia. “Rents for inner Sydney apartments have been slashed by up to $400 a week as desperate landlords grapple with a shrinking pool of tenants and rising vacancies. Housing experts say the current rental market is a ‘tenant’s dream’ following the coronavirus crisis as renters now have power to negotiate their own terms for agreements like price reductions or keeping pets.”

“Last month, almost one in seven rental units in the CBD and surrounding suburbs were empty, with rents an average of 18.4 per cent lower than March, SQM Research data revealed. Prices plummeted at a similar rate in Glebe, while unit rents in Kirribilli and Lavender Bay dropped an average of nearly 15 per cent over the past three months.”

“Renters’ agent Marcelle Wever, of Sydney Rental Search, said some properties were available at prices last around the mid-2000s. ‘Landlords are desperate,’ she said. ‘There are more properties available near the city than I have ever seen.'”

“Some of the most heavily discounted apartments include luxurious units in the heart of the city’s CBD. A three-bedroom unit on the 12th floor of a building at 591 George St listed for $1,200 per week in January, was recently relisted for $800. Another three-bedroom unit at 361 Kent St was recently listed for $900 per week, a $260 drop from the rent in 2017.”

From Domain News. “Brisbane’s inner-city rental market has finally begun the painful crawl out of its most devastating slump in decades after the mass exit of students, expats and hospitality workers sparked skyrocketing vacancy rates and soaring discounts. According to the latest rental discounting data compiled by Domain, some of the city’s inner hot spots were forced to slash median weekly rent prices by more than 30 per cent during the COVID-19 pandemic peak in April, with a whopping 636 rental listings still available as of May in Brisbane City alone.”

“The CBD’s rental discounting rate was still painfully high at 32.9 per cent last month, with Milton not far behind at 32.7 per cent. Overall vacancy rates across Ray White Brisbane CBD principal Dean Yesberg’s inner-city offices’ areas were still sitting at a whopping 84 per cent, reflecting what he said was one of the toughest markets ever for landlords and one of the best for tenants.”

“‘The reality is once the vacancy goes over 5 per cent, it becomes a tenant’s market … so they have got very good opportunities right now. And there’s been a massive correction in prices,’ Mr Yesberg said.”

The New Daily. “High-rise apartments in Sydney, Melbourne and Brisbane will suffer the largest price falls as a result of the coronavirus, analysts have warned. Each of these cities was already suffering from an oversupply of CBD apartments before the crisis. And a sharp decline in international students and foreign investors will only add to their pain.”

“‘It’s going to be a real bloodbath over the next 12 to 24 months,’ Suburbanite principal Anna Porter told The New Daily. ‘What we’re seeing is buyers who already bought apartments six, 12, or 18 months ago and pre-committed to contracts now can’t get the finance through because the lending environment has changed.'”

“The big four banks have changed how they assess home loan applications in response to the crisis. Lenders are conducting more rigorous employment checks and lowering their maximum loan-to-value ratios to minimise the risk of non-performing loans. This means some buyers who agreed to purchase a home off-the-plan will struggle to honour their contracts – leaving developers out in the cold.”

“‘We’re going to see banks potentially repossessing development sites that are near completion or just reached completion,’ Ms Porter said. The scheduled withdrawal of JobKeeper and lowering of JobSeeker in September will make matters worse, she added.”

“Charter Keck Cramer director of research Angie Zigomanis said investors eager to resell because of weakened demand for short-term accommodation would also weigh on prices. Since 2011, more than half of off-the-plan properties purchased in Melbourne’s CBD and surrounding suburbs, including Docklands and Carlton, later sold at purchase price or at a loss, he said. However, he said lower prices are good news for owner-occupiers looking to downsize.”

“‘There’s a perception that apartment living and denser types of living puts you more at risk [of contracting coronavirus], so we’re seeing more people move away from those areas,’ Mr Zigomanis told The New Daily. ‘There is going to be a percentage of sellers who will be price takers, because they are in a position where they need to sell, so you’ll start seeing 10 to 20 per cent reductions from the off-the-plan price.'”

The Australian Financial Review. “Like many landlords, Cleo Glyde always believed property investing was a reliable way to make money – it’s stable, simple and it comes with hefty tax breaks. Now she’s not so sure. ‘It’s a lot harder to make property investing work in this environment,’ she said. ‘Rents are dropping and it’s a renters’ market so there’s a high level of insecurity around keeping my tenants at the moment. I’m too worried about spooking them with rental and maintenance issues, that I’d end up with an empty property, which would really hurt my cash flow situation. So if times were normal, I would like to sell my two investment properties because they’re probably never going to have massive capital growth anyway, given the current market.'”

“For Daniel Pain, who was recently furloughed from his job at an oil and gas company, the property game is over. After investing for 12 years, he decided to call it quits and sell up. ‘The company has paused just about every project in Australia so I’m on JobKeeper at the moment. I’m not sure when normal work returns and I don’t want to have the additional worry of having a large debt hanging over my head,’ he said.”

“‘By selling my rental property in Chipping Norton, I’d be able to reduce my mortgage to a more manageable and less stressful level,’ he said. ‘The rents were not covering the costs and capital gains have been slow coming. There’s so much uncertainty at the moment so it’s probably not worth the risk holding on to my rental property.'”

“The triple whammy of falling rents, rising vacancies and low capital growth is driving many property investors to bail out. The number of landlords who are liquidating their rental assets rose to 12 per cent from 8 per cent in April, said Martin North, director of Digital Finance Analytics. An estimated 90,830 investors dropped out of the market during the past 12 months, reducing the total to 2.34 million, Mr North said.”

“At the market’s peak in 2017 and 2018, the number of landlords surged by 8.9 per cent to 2.39 million. ‘Investors are selling up because financial stress is rising, with two out three landlords not seeing a positive return on their investment,’ Mr North said. ‘I think the investor party is well and truly over for now.'”

“Tax expert Adrian Raftery estimates that a typical Sydney investor is currently losing $6,543 in rent each year. ‘Tax rebates for negative gearing may help but the average tax rate is about 25 per cent, so for every $4 forgone in rent, the tax benefit is just $1. The net loss is a real hit – especially for retirees who rely on that rental income to survive,’ he said.”

“CoreLogic analyst Eliza Owen said the withdrawal of investors from housing markets may put downward pressure on prices for investment-grade stock like apartments. Investors represent around 26 per cent of the market, so a drop in activity will affect prices, SQM Research managing director Louis Christopher said.”

“‘Investors are a significant component of the market so when investor activity falls, a significant drop in property prices follows,’ he said. ‘If investors were to leave the market en masse, this will put further downward pressure on already falling prices because you’re taking out a large chunk of demand from the market.'”

“Mr Christopher said this was already evident by falling auction clearance rates. Over the past two weeks, homes cleared at auction dropped to around 40 per cent of properties listed in Sydney and Melbourne after the initial bounce in mid-May, signalling falls in prices, Mr Christopher said.”

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  1. ‘High-rise apartments in Sydney, Melbourne and Brisbane will suffer the largest price falls as a result of the coronavirus, analysts have warned. Each of these cities was already suffering from an oversupply of CBD apartments before the crisis. And a sharp decline in international students and foreign investors will only add to their pain’

    Stampeding suckers into the market last year doesn’t look too wide now, does it guberment/central bank. Oh and the REIC media, (which is about as bad as anywhere on the planet down there) weren’t you jumping up and down every day regaling about over-asking joy joy JOY! Well eat dog turds you a$$-holes, cuz now millions are going to get their head handed to them, thanks to you!

    ‘It’s going to be a real bloodbath over the next 12 to 24 months…What we’re seeing is buyers who already bought apartments six, 12, or 18 months ago and pre-committed to contracts now can’t get the finance through’

    Funny how the loans disappear at the worst possible time.

  2. ‘It’s a lot harder to make property investing work in this environment,’ she said. ‘Rents are dropping and it’s a renters’ market so there’s a high level of insecurity around keeping my tenants at the moment. I’m too worried about spooking them with rental and maintenance issues, that I’d end up with an empty property, which would really hurt my cash flow situation. So if times were normal, I would like to sell my two investment properties because they’re probably never going to have massive capital growth anyway, given the current market’

    via GIPHY

    1. The central bankers around the world did this. And they continue to do the same thing. When is there going to be straight talk about the cause of these housing/asset price bubbles, and the root cause?

  4. At a time of mass unrest and rampant property destruction, it’s nice to know that at least some demonstrations are peaceful.

      1. If Team Trump handles the backlash properly, the American Antifada will turn out in retrospect to have been his ticket back into the WH. In the privacy of the ballot box, most voters will choose a candidate who upholds a rule of law over one willing to tolerate open, rampant property destruction with no consequences to the perpetrators.

        1. Trump is flaming out spectacularly! Only his hardcore supporters can’t see this. Moderate Republicans are jumping from his ship as fast as they can.

          1. I recall similar predictions made 4 years ago about a Hildebeast landslide. Newsweek even had copies with a picture of her and the words “Madam President” on the front cover.

            Meanwhile, in off cycle elections the GOP has done well, picking up seats held by the left. And that was before the left cheered as our cities burned.

          2. Trump is flaming out spectacularly! Only his hardcore supporters can’t see this. Moderate Republicans are jumping from his ship as fast as they can.

            I’m trying to watch for this…in some ways it might be overdue. But at the same time the Ds are masters of snatching defeat from the jaws of victory and seem to be doing even worse than normal this cycle at the presidential level. Those that are jumping don’t seem to have much support. I suspect the people pumping the implosion narrative are trying to manipulate emotions much more than report facts. I predict a close election…but there are still a lot of years between now and November.

          3. Moderate Republicans are jumping from his ship

            Actually we think he’s done a lot of things right, been relentlessly attacked with made up BS, says more dumb things than most presidents, says right things that he backs up with what action he can, has much more to do along his stated agenda, but no, we don’t want the alternative.

    1. The headlines aren’t saying that the black man was unarmed. Could he possibly have been armed with a taser he stole from a cop, and resisting arrest, and trying to escape, when he was shot?

      1. Don’t wanna get shot by a cop? Then don’t punch cops or steal weapons from them. Seems pretty simple.

          1. What amazes me is that a dude who is drunk as a skunk can:

            Wrestle with two police officers
            Disarm one of them (the taser)
            Can run like a gazelle and leave them in the dust.
            Is stupid enough to stop, turn around and point the taser at them

          2. Not too long ago, Rayshard would have been knocked-out cold with a single blow of a 16oz Buchmeier sap. But those tools were deemed offensive, so it’s a gunshot wound instead.

        1. As much as I dislike cops, even I don’t expect them to not shoot if a weapon is pointed at them.

        2. It doesn’t justify a summary execution.

          I don’t know whether to laugh or cry when I see this logic. Why is it so hard to compute that if you point a weapon at a policeman they will probably fire theirs and you will be considered responsible for that by most reasonable people?

    2. I ate some Wendy’s for lunch yesterday. The University of Denver location has Double Stacks on the menu for $2.19. I went to Wendy’s in Colorado Springs a few weeks ago and Double Stacks were not available due to the alleged corona virus meat shortage.

      1. Went to my grocery store Thursday evening. There are still a few shortages for non-perishable food, but nothing serious. For example, they were very low on bags of regular rice, but you could get boil-in-bag rice or rice noodles. No shortage of meat. Hand sanitizer and bleach are slowly making an appearance, but prices are higher. The only long-term shortages are TP and rubbing alcohol… that’s been totally out everywhere for weeks.

        1. We got toilet paper out the wazoo now. The local Costco finally got on top of the perceived shortage and has piles of it in stock.

        2. “Hand sanitizer…”

          Just bought a large one; first one I’ve seen in months. A shelf sign said, “One per customer.”

      2. not available due to the alleged corona virus meat shortage

        Was at the local Sams Club yesterday. The meat counter looked pretty bare and they had no steaks.

      3. “meat shortage”

        Local supermarkets here in northern California all have grass fed hamburger on sale. Even Grocery Outlet.

        1. There seems to be plenty of ground beef at the stores, and pork and chicken. Haven’t seen a sale on T-bones or tenderloins since the fun began.

  6. “Rents for inner Sydney apartments have been slashed by up to $400 a week as desperate landlords grapple with a shrinking pool of tenants and rising vacancies.

    Suck it, greedy landlords. Thanks to the central bankers and the speculative excesses they unleashed, you’ve had renters over a barrel for the past decade. Now it’s your turn.

  7. ‘Landlords are desperate,’ she said. ‘There are more properties available near the city than I have ever seen.’”

    Good. I hope we see mass bankruptcies, followed by affordable rents as the new owners who buy them in bankruptcy auctions realize the proles in our oligarch-looted economies can’t afford to pay inflated prices for shelter.

  8. Overall vacancy rates across Ray White Brisbane CBD principal Dean Yesberg’s inner-city offices’ areas were still sitting at a whopping 84 per cent, reflecting what he said was one of the toughest markets ever for landlords and one of the best for tenants.”

    Is that a lot?

  9. “‘It’s going to be a real bloodbath over the next 12 to 24 months,’ Suburbanite principal Anna Porter told The New Daily.

    Aussies need to commission a memorial for all those speculator dreams of effortless riches that died in the arse.

  10. After investing for 12 years, he decided to call it quits and sell up.

    Good riddance, Speculator Scum.

  11. “The triple whammy of falling rents, rising vacancies and low capital growth is driving many property investors to bail out.

    Wait till “low capital growth” becomes plummeting RE prices as the Everything Bubble bursts.

  12. So if times were normal, I would like to sell my two investment properties because they’re probably never going to have massive capital growth anyway, given the current market.’”

    The “normal” times were anything but. Eleven years of central bank “emergency measures” and counterfeiting on a grand scale are the furthest thing from normal.

  14. Does providing a place for first responders to use the rest room sem like an offensive activity?

    1. I love Berklee for what it does
      For popular music performance and production. But personally, I don’t think college administrators should put their political views out in the press. What if some of their students have a problem with people breaking quarantine orders to go out and break ch!t? Only students who agree with the administration are allowed a voice.

      1. War on Police continues…

        NewsCrime & Public Safety
        Berklee College bans Boston cops from restrooms
        BOSTON, MA – MAY 31: Boston police ride bikes through Copley Square at a distance from demonstrators during a Justice for George Floyd rally on May 31, 2020 in Boston, Massachusetts.
        (Staff Photo By Angela Rowlings/MediaNews Group/Boston Herald)
        By Joe Dwinell | joed@bostonherald.com | Boston Herald
        PUBLISHED: June 10, 2020 at 6:20 p.m. | UPDATED: June 10, 2020 at 6:21 p.m.

        The president of Berklee College of Music is being slammed for banning police from school buildings after Boston cops were allowed to use the bathrooms hours before protesters ripped up the city.

        Berklee President Roger Brown said in a letter to the school community that allowing the officers inside on Sunday, May 31, perpetuated “feelings of oppression, silencing, and marginalization.”

        Brown, who is stepping down from his post at the Boston music school next year, added: “Let us assure you, this should not have happened, and going forward, it will not happen again.”

        He explained in the letter, obtained by the Herald, that Boston cops staging at the intersection of Massachusetts Avenue and Boylston Street two Sundays ago were allowed access to restrooms in the Berklee Performance Center. Outside, a peaceful protest was taking place at the State House over the death of George Floyd.

        Brown added city police “have jurisdiction over the roads and other public spaces around our campus, but not inside our buildings.

        “We have heard from many of you personally and across social channels of your hurt and anger that this access was permitted, especially as the facility is not currently open for students and members of our community,” he added. “Allowing police officers into the space was in no way meant to undermine Berklee’s support for Black Lives Matter.”
        …

  16. COVID-19 pop quiz: How long would it take before 1 million Americans died of COVID-19 if the recent rate of fatalities continued indefinitely?

    1. The Coronavirus Crisis
      Coronavirus 2nd Wave? Nope, The U.S. Is Still Stuck In The 1st One
      June 12, 20205:28 PM ET
      Heard on Weekend Edition Saturday
      Nurith Aizenman, photographed for NPR, 11 March 2020, in Washington DC.
      Nurith Aizenman
      3-Minute Listen
      People rest inside social distancing markers at Domino Park in the Brooklyn borough of New York in late May. Stay-at-home orders in New York helped to lower the state’s “reproduction number,” which estimates how many people one sick person could infect with the coronavirus.
      Michael Nagle/Xinhua News Agency/Getty Images

      Just weeks after parts of the U.S. began reopening, coronavirus infections are on the upswing in several states, including Arizona, Utah, Texas and Florida. Dramatic increases in daily case counts have given rise to some unsettling questions: Is the U.S. at the start of a second wave? Have states reopened too soon? And have the recent widespread demonstrations against racial injustice inadvertently added fuel to the fire?

      The short, unpleasant answer to the first question is that the U.S. has not even gotten through the current first wave of infections. Since peaking at around 31,000 average new daily cases on April 10, new daily cases dropped to around 22,000 on average by mid-May and have stayed almost steady over the last four weeks. Nationwide more than 800 people continue to die day after day.
      …

      1. This is going to continue until almost everyone gets it, or gets a vaccine. The best than can be hope for is to spread the cases out so the health care system doesn’t get overwhelmed the way it did in NYC.

        Worst case it will be over by March 2022. Best case, I still don’t think it will be over until spring 2021.

        And unless we ban people arriving from other states they way they banned people coming in from NYC, it’s coming back there.

        1. “Worst case it will be over by March 2022.”

          Are you assuming a vaccine or effective treatment will be available by then? Or that herd immunity will be established?

          So far an estimated 2.1 million Americans are estimated to have had it over the roughly four months since the outbreak began, well below 1% of the population, with most of this time under quarantine. It would take a very long time to establish herd immunity at this rate, assuming the concept is even applicable to COVID-19.

          1. “well below 1% of the population”

            Only ~23 mil tested in the states so far. That makes it roughly 10%. Is that high or low…I am not sure. My guess is some strain of the virus is already more prevalent than people want to believe. Hopefully you don’t get the NYC strain, other wise you will be fine.

          2. So far an estimated 2.1 million Americans are estimated

            Here’s an alternate view. We’re doing enough tests now to consider it a sample of the population, and less a sample of sick people going to the hospital. The percent positive has been, let’s say, 6%. It has dropped below that in hair on fire places like Florida. 6% of the population is 20 million, not 2 million.

            This has been going on for something like 15 weeks, although lots of people are saying they had something might have been Covid late last year. So, once infected, how long do you test positive? The CDC has no clue.

            If it’s a couple of weeks on average, then over 100 million have had it, maybe half the population.

            And by the way, there was never a quarantine. That is complete isolation. It was at best half of you stay at home most of the time. We all went shopping the entire time.

            There hasn’t been even a subtle increase in deaths as the stay at home orders are lifted. A steady decline is all we see. The media message about increases is intentionally misleading.

          3. The “second wave” of the 1918 flu was a significant mutation from the first wave, which rendered it more deadly. For COVID, for all we know, there might not be any significant mutations and we stay in one wave for a the next year.

            I don’t think that 300+ million people need to catch this for herd immunity. More likely, that virus will mutate to something less contagious or less deadly before it spreads to everybody. It’s not the flu, but someday it might be.

          4. “I don’t think that 300+ million people need to catch this for herd immunity. More likely, that virus will mutate to something less contagious or less deadly before it spreads to everybody. It’s not the flu, but someday it might be.”

            Do you have any scientific evidence to support this opinion, or is that just what your gut tells you?

          5. “Only ~23 mil tested in the states so far. That makes it roughly 10%.”

            I was talking about the percent who have had the virus, not the percent who have been tested. Perhaps some of the people who tested negative were exposed and had some natural immunity…kind of hard to say. Maybe I’m one of them: My antibody test came out negative, but I was on trips to NorCal and NOLA after the outbreak began and certainly had plenty of opportunity to be exposed.

          6. I don’t have any specific evidence, but viruses mutating to a lesser form tends to be the norm.

            Come to think of it, we haven’t any ANY medical news for about a week now. No news of vaccines or even HCQ controversy.

          7. we haven’t any ANY medical news

            Well, we have the “more tests in the South” be very afraid narrative. Other than that, Riots Matter.

          8. “The percent positive has been, let’s say, 6%. It has dropped below that in hair on fire places like Florida. 6% of the population is 20 million, not 2 million.”

            I think I see where you are headed with this. If 20 million people have had or will eventually contract COVID-19, then a 5% case fatality rate (117,649/2,151,730) suggests an eventual death toll of 1 million or so — more than the 1918 flu pandemic.

          9. “I don’t have any specific evidence, but viruses mutating to a lesser form tends to be the norm.”

            A fatal disease strain that produces readily observable symptoms in everyone who gets it can quickly be isolated and is also self-limiting due to quickly killing its host. Both channels limit the reproductive window for these disease strains in favor of less virulent strains.

            It seems like COVID-19 is not the norm, as the same pathogen that produces asymptomatic or mild cases in some individuals is lethal to others. It seems like the potential for those with asymptomatic or mild cases to spread the disease in their communities may undercut survival advantage for less virulent strains in the case of COVID-19.

        1. There’s plenty of econo-ganda out there which ignores the challenges of reopening the economy with a simmering pandemic ready to erupt into full boil once quarantine measures are lifted.

          Capital Account
          Signs of a V-Shaped Early-Stage Economic Recovery Emerge
          After bottoming out in April, economic activity has continued to rise into early June
          June 13, 2020 5:30 am ET
          …

      3. The Chi-comms who foisted COVID-19 on the rest of the world are still working hard to blame anyone other than themselves.

        The Financial Times
        Coronavirus business update 30 days complimentary
        Coronavirus pandemic
        Beijing braces for coronavirus second wave as city shuts market
        Imported goods face backlash after state media blames salmon shipments for new cluster
        Paramilitary police move to guard the entrances of Beijing’s Xinfadi market after the wholesale seafood and vegetable outlet was closed due to a new cluster of coronavirus cases in the Chinese capital
        © AFP via Getty Images
        Don Weinland in Beijing
        7 hours ago

        Beijing is bracing for a second wave of coronavirus after the Chinese capital was forced to lock down residential compounds and close a large market in response to new locally transmitted coronavirus cases.

        City authorities at the weekend confirmed 41 symptomatic cases and 46 without symptoms, according to a statement from the World Health Organization, many of which had links to Beijing’s largest fresh seafood and vegetable market in the western area of the city.

        A city of more than 20m people, Beijing enforced some of China’s strictest travel controls at the start of the pandemic. Until the latest outbreak, the city had gone more than 50 days without a new case.

        In the early days of the pandemic, which originated in the central China city of Wuhan, Beijing managed to keep total infections below 600. The home of the country’s top leadership, city managers imposed severe restrictions on entering the capital that included mandatory quarantines in government facilities.

        Most international flights have been diverted to nearby cities so as to lower the risk of imported infections in China’s political hub.

        Over the weekend, authorities closed the Xinfadi market, a sprawling complex that provides most of Beijing’s fresh seafood, fruits and vegetables. Several residential compounds on the west side of the city have been locked down and more than 100 people have been put in quarantine.

        In a stark turn of events, several cities across China have warned their residents against travelling to Beijing, including Dalian and Dandong in northeastern China.

        China has adopted a “zero tolerance” stance toward new cases. Areas that present any new cases have been quickly locked down, often trapping millions of people. In May, several areas in northern China were locked down after small clusters of the virus were detected.

        Many other countries have developed plans to manage small, inevitable outbreaks while avoiding sweeping closures of districts or cities.

        A report from nationalistic tabloid Global Times reported that the virus was detected on cutting boards used for imported salmon at the market. This led to a frenzy of online commentary blaming imports for the new cluster. Many shopping centres across the city have reportedly removed salmon from shelves.

        The reports linked to imported salmon have helped fuel the idea that coronavirus did not originate in China and may have been brought in by foreigners. Chinese diplomats have promoted the concept that the US military may have planted coronavirus in Wuhan last year.
        …

        1. IIUC, viruses are not bacteria. They don’t eat food and can’t survive on food surfaces. Maybe one of the workers sneezed on the cutting board, or didn’t wash his hands.

          2. I go with the lying hypothesis. There are enough poorly educated Chinese citizens for implausible explanations to gain traction.

  17. “Colorado’s temporary statewide ban on evictions expires at midnight Saturday, but Gov. Jared Polis issued an order hours before that deadline to effectively delay legal proceedings against tenants for another month.

    Still, the new executive order signals that the governor won’t prevent evictions much longer.

    Starting Sunday, landlords can post notices that demand payment. That is the beginning of the eviction process, and it wasn’t allowed under the now-expired eviction ban. However, with the governor’s new order, tenants are allowed 30 days to catch up on rent. Normally, it’s just 10 days once the notice is posted.

    After that, some landlords can go to court. Renters will face the choice of fighting in court; moving out to protect their legal records; or waiting to be removed by sheriff’s deputies.”

    https://www.cpr.org/2020/06/13/colorado-eviction-cases-can-begin-in-30-days-under-governors-new-order/

    1. moving out to protect their legal records

      I never paid rent late, but assume it would be a significant credit event to just move out and stiff the landlord. Good luck finding another conventional rental.

  18. CNBC’s Jim Cramer on Friday 6/12:

    “Cramer said the market is being shaped by amateur investors biting at low dollar stocks and warned that “rampant speculation” tends to end in disappointment. He said the market, which is attempting to bounce back after being hobbled by the coronavirus pandemic, was due for a pullback.”

    There have been a number of related articles recently about unemployed Gen-Z daytraders disrupting the market from their moms’ basements on the Robinhood app.

    I’ve been reading the wallstreetbets sub-Reddit, looks like most of these kids are losing money, it’s fun to watch.

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