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The Question Is: What Breaks First, And How Hard Does It Break?

A report from Variety on California. “The Los Angeles historic cultural monument known as the Samuel-Navarro house has a notable new owner to chalk into its colorful history. Nearly four years after screenwriter Dale Launer first put the idiosyncratic Art Deco-meets-Mayan Revival masterpiece up for grabs, the home has finally sold for about $3.5 million. Launer picked up the property in 2014, for $3.8 million, before selling at a hefty loss.”

The Real Deal on New York. “Last week, just four properties above $4 million went into contract in Manhattan — down from 12 the prior week, according to the latest market report from Olshan Realty. ‘It’s summer; everyone is away,’ said Donna Olshan, author of the report, noting that the pandemic had upended an already struggling market. ‘It’s very sobering,’ she added.”

“The pricest deal was for a four-bedroom unit at 520 West 28th Street, designed by Zaha Hadid. The developer, Related Companies, originally listed the 3,840-square-foot unit for $12.5 million in 2016. It went into contract asking $8.95 million.”

From Bisnow. “New York is facing down a reckoning that could roil real estate and financial institutions or leave thousands of renters homeless. The city’s current eviction moratorium allows tenants who can’t meet rent payments due to the coronavirus to stay in their homes, but it also means landlords who might barely have been breaking even financially before the crisis now have no legal recourse to replace nonpaying tenants. Eviction filings have been piling up in New York’s courts.”

“‘We haven’t seen the effects of the moratorium yet, but when they set in, we’ll be going off a cliff very quickly,’ said Michael Carr, an attorney focused on landlord-tenant disputes at Rosenberg & Estis. ‘Things are going to have to break. The question is: What breaks first, and how hard does it break?'”

“Carr said there is a considerable backlog of eviction cases waiting to be approved in the city courts. The city should expect a wave of new filings when it becomes clear that the moratorium will lift. In the meantime, the divide between what renters owe and what they’ve paid continues to grow. An estimated 25% of New Yorkers failed to pay rent in June.”

“As the proportion of nonpaying tenants grows and unpaid rent accumulates, landlords are growing less confident that they will ever see that rent get paid. ‘They can keep the beast at bay for as long as they want, but it’s just going to get bigger and bigger,’ Carr said. ‘It’s going to be a lot harder for landlords to recover two years of rent than three months of rent. When you think of the opportunity cost of undertaking a separate action for each tenant who is in arrears, that could be hundreds of millions of debt that becomes uncollectible.'”

“Because of the rent stabilization legislation passed last June, if landlords with regulated units offer relief now, they may not be legally allowed to raise rents again on those units when the economy begins to recover. ‘The Housing Stability and Tenant Protection Act was passed when New York was in a boom, and it couldn’t anticipate an economic crash or recession,’ Carr said. ‘Landlords already felt betrayed, now they feel they’re bearing the whole cost of the current recession.'”

The Seattle Times in Washington. “An Eastside real estate investor being sued by former associates who say she funded her property acquisitions with money fraudulently acquired in a China-based Ponzi scheme received more than $150,000 in Payroll Protection Program (PPP) loans, according to the federal agency in charge of the pot of cash. A loan database released by the Small Business Administration shows Kung Fu Panda LLC, a business owned by Jialin ‘Kathy’ Niu, received between $150,000 and $350,000 in federal funds to retain employees during the pandemic.”

“In China, Niu headed up a chain of schools purporting to teach the secret of wealth creation through property investment, according to the suit filed in King County Superior Court by eight former students. The suit claims Niu ‘brainwashed’ students into borrowing fantastic sums to invest in shell companies she controlled. The companies initially appeared to pay dividends — so long as a steady stream of new investors poured in, according to the suit.”

“Eventually, the plaintiffs say, Niu bankrupted them by funneling the cash back to Washington, where she used it to buy property including waterfront mansions and a major chunk of prime commercial real estate in downtown Bellevue. Niu said the allegations were baseless. ‘I don’t think we did anything wrong,”’ she said. ‘It’s a normal business.'”

“Niu is far from the only real estate investor, property developer or broker to receive PPP funds. More than 300 local real estate businesses received federal pandemic loans. Most of the money went to property management firms and real estate brokerages, who say they’ve seen revenues plummet as a result of falling transaction volumes and low commercial rent collections.”

“Home listings plunged in early April, dragging sales behind them. Real estate agents are independent contractors, but brokerages also directly employ personnel to manage marketing, events, accounting and communications, who were all affected by the downturn in revenues, said Windermere spokesperson Shelley Rossi. The brokerage headquarters received as much as $2 million to retain 75 of those jobs, according to the database.”

“Since the pandemic, Seattle property management company Blanton Turner has seen two months of losses, said chief financial officer Alan Byars. The company — which manages 70 local retail, office, mixed-use residential and student housing properties — makes a percentage of rent collected. Collections at some commercial properties are down 50%, he said. At student housing, currently roughly half-occupied, collections aren’t much better.”

“But as clients struggle to meet mortgage and tax obligations, they’re pushing Blanton Turner to cut staff. Future projections, Byars said, ‘are not pretty.'”

This Post Has 84 Comments
  1. ‘the home has finally sold for about $3.5 million. Launer picked up the property in 2014, for $3.8 million, before selling at a hefty loss’

    Less money than 6 years ago…

    1. Sometime since 2914, LA lux reached the apex of the Slope of Hope. Since then, the market has been sliding down the other side.

  2. ‘as clients struggle to meet mortgage and tax obligations, they’re pushing Blanton Turner to cut staff. Future projections, Byars said, ‘are not pretty’

    Struggle to pay mortgages, in Seattle?

  3. But the banks, the city (property taxes), utilities and maintenance will be expected to be paid…

    “An estimated 25% of New Yorkers failed to pay rent in June.”

  4. An Eastside real estate investor being sued by former associates who say she funded her property acquisitions with money fraudulently acquired in a China-based Ponzi scheme received more than $150,000 in Payroll Protection Program (PPP) loans, according to the federal agency in charge of the pot of cash. A loan database released by the Small Business Administration shows Kung Fu Panda LLC, a business owned by Jialin ‘Kathy’ Niu, received between $150,000 and $350,000 in federal funds to retain employees during the pandemic.”

    Well, I’ll be dipped.

  5. “‘The Housing Stability and Tenant Protection Act was passed when New York was in a boom, and it couldn’t anticipate an economic crash or recession,’”

    They couldn’t anticipate an economic recession ever again? They solved the business cycle?

    1. Thats because theyre filthy hippies turned marxists and hear “strawberry fields forever” playing constantly in their drug induced psychosis.

      I was just thinking back to a plane ride last year where I was seated next to a REALTOR from the portland suburbs. Nice guy, he claimed there were @300 people a day moving the portland metro area. I wonder if any of them regret that move? I’m thinking the trailblazers need to change their name to the butthurt rioters, get the locals really on board with a name that they can identify with. I watched a livestream last night for the first time of the rioting last night, I think it was night #52 or 53. Anyway, had to be the dumbest thing I’ve seen in quite some time, just absolutely pointless with a whole bunch of creampuffs bleating at a dozen or so cops. Dont these clowns have better things to do on a sunday night?

      1. Dont these clowns have better things to do on a sunday night?

        A sister of mine lives in the area now and is getting more and more upset that she can’t get her siblings and parents and hometown friends on board with Antifa. The TDS FB posts are getting more and more pointed about how nobody cares about the constitutional rights of protesters and rioters when they all claim to be so into constitutional rights. Nobody answers because…well…first, I don’t have to attend every fight I’m invited to. Second, I still don’t understand going all-in for the constitutional rights of people who don’t want the constitution? Yeah, I think some cops have stepped over the line and may even be a little too close with some good old PNW white supremacists. So root ’em out. But there is such a thinking as asking to be hit by cops, and I honestly don’t think I’m a fascist for admitting that.

        To expound on my “the world is a farm” theme I think Antifa has figured out they are farm animals, but they’re fighting the farm dog thinking they are fighting the farmer. They don’t understand that even if they defeat the dog the farmer will just get another one. In the meantime the farmer is just waiting for them to wear out in hopes of avoiding using ammo and scaring the other animals. But like I said the other day, if they actually figure out who the farmer is and attack him they’ll be put down quickly.

        1. A sister of mine lives in the area now and is getting more and more upset that she can’t get her siblings and parents and hometown friends on board with Antifa.

          You don’t have to be crazy to live in Portland, but it helps.

          1. Were George Orwell’s novels required reading at one time? I graduated HS in 1992 and have never read one.

          2. I read 1984 when I was in grade school, on my own volition – actually my older sister read it and passed her copy on to me. It was never a school text during our time. During our time we had the local news with stuff like the Korean War, the quashed Hungarian uprising, my grandfather sending Care packages to his cousins in occupied Poland, and the Cuban Missile Crisis, which we thought ourselves lucky to survive. We didn’t need to be weathermen to know which way the wind blew.

          3. The world is an Animal Farm?

            Interesting idea…

            I need to reread it but I think there are significant differences between my thoughts and the book. I just think most people don’t even realize they are being farmed, and the antifa types think they are fighting the farmer when they are actually only fighting the dog. And we sit here knowing who the farmer is but not sure of the best course of action to take when he’s managed to fence in the entire planet.

          4. not sure of the best course of action

            First, don’t borrow $750K to buy a splashy house. Staying out of debt keeps you pretty much off leash.

          5. “First, don’t borrow $750K to buy a splashy house.”

            Got that right! Even at the peak of my career I’d never commit to a $750k mortgage. Remove the government guarantees, and this financial fraud wouldn’t be happening.

      2. “300 people a day moving the portland metro area.”

        Maybe it’s just the normal summer tourist rush (and/or pent up Covid demand), but there seem to be an inordinate amount of out-of-state plates in Portland the past few months vs past years. In addition to Californians, this year seems to be bringing a lot of Texans for some reason.

        “Dont these clowns have better things to do on a sunday night?”

        I can’t say I disagree with this particular sentiment, however, this falls under the “turn off the MSM” category. I live 1.5 miles away from this stuff. You’d never know it was happening if you didn’t go right to the center of it (or see the narratives on TV and online).

        While we’re ready for the late-night festivities to end, we might be more ready for the federal boots (and bootlickers) to beat feet.

        Bringing it back to housing, just about everything under $850K in Portland is selling (goes pending) within about 30-45 days. Have seen very few fall out of escrow. Transplants? The criminal Fed cabal? Either way, this to me is the real tragedy of this city right now.

        1. I live 1.5 miles away from this stuff. About 15 years ago I found myself in my driveway listening to the sounds of a double murder followed by a shootout with the police in the front yard of a house 2 blocks away. I thought all the noise I heard was firecrackers until I read the paper the next day.

  6. “…the home has finally sold for about $3.5 million. Launer picked up the property in 2014, for $3.8 million, before selling at a hefty loss.”

    To properly calculate the loss, one should include inflation since 2014 in the calculation. The CPI-U went from 235.288 in January 2014 to 258.820 in January 2020, for a loss in dollar value of 9.1% in six years’ time. So the real value of the $3.5 million sale, in 2014 dollars, is only $3.2 million, and the real value of the loss is on the order of 16% (about $600,000, not $300,000).

  7. “But as clients struggle to meet mortgage and tax obligations, they’re pushing Blanton Turner to cut staff. Future projections, Byars said, ‘are not pretty.’”

    What does a property manager do for income when property HODLers are permitted to continue HODLing indefinitely without making any monthly payments?

  8. Would now be a good time to buy home, in order to enter into an unlimited extended forbearance arrangement?

    1. Mortgage delinquencies double in Southern California in coronavirus era
      Census poll: 9% of L.A.-O.C. borrowers worry about next payment, 22% in I.E.
      File photo: Michael Goulding, The Orange County Register
      By Jonathan Lansner | Orange County Register
      PUBLISHED: July 20, 2020 at 9:28 a.m. | UPDATED: July 20, 2020 at 11:09 a.m.

      Coronavirus-linked business shutdowns have more than doubled the number of Southern California homeowners who are missing mortgage payments.

      CoreLogic reports 6% of borrowers in Los Angeles and Orange counties in April were late 30 days or more with their mortgage payments vs. 2.3% delinquent a year earlier. In the Inland Empire, 7.1% of borrowers were at least up 30 days late vs. 3.5% in April 2019.

      “Stay at home” orders began throttling the economy in the late winter, forcing many employers to cut jobs. Southern California unemployment was 17% in May.

      It’s not just a local surge of tardy payments. Nationally, the 30-day delinquency rate rose after 27 consecutive months of declines to 6.1% of mortgages, the highest since January 2016.

      “SoCal is still faring relatively better than some parts of the country where delinquencies spiked to over 10% in April,” said Selma Hepp, CoreLogic’s deputy chief economist. “Nevertheless, the future trajectory of mortgage delinquencies will depend on the trajectory of the COVID-19 crisis. Recent spikes in new cases will have an impact on local economic outcomes and the ability of unemployed to return to work.”

      Thanks to historically low mortgage rates and government stimulus efforts, early summer’s homebuying pace in the region is back to near 2019 levels.

      Real estate got a boost as mortgage lenders were required by various government actions to let most borrowers impacted by the pandemic delay their mortgage payments. Such “forbearance” programs, so far, have prevented a flood of foreclosures activity.

      Hepp added that “the mortgage industry has learned a lot from the last crisis and are being very proactive in ensuring that foreclosure is not the final outcome. Foreclosure is generally the most expensive option for mortgage providers. Also, data suggests that almost 50% of loans in forbearance are now in an extension following initial forbearance.

      1. Thanks to historically low mortgage rates and government stimulus efforts, early summer’s homebuying pace in the region is back to near 2019 levels.

        Yep. It’s back to “hurry up and buy!” around here. It doesn’t compute. How could we have over 50 million unemployed, yet not see a drop off of sales year over year?

        1. How could we have over 50 million unemployed, yet not see a drop off of sales year over year?

          Probably because most of those 50 million had menial, low paying jobs; were penniless deadbeats with a 500 FICO score, have criminal records and thus were never in the market to begin with. You know, the ones who couldn’t come up with $500 for an emergency.

          In my profession it seems the hiring is unabated. I still get plenty of cold calls from recruiters.

    2. If you can find a lender to lend. Rates may be low but lenders are using any reason not to lend.

    3. Would now be a good time to buy home, in order to enter into an unlimited extended forbearance arrangement?

      They already doing it with new cars – “NO PAYMENTS FOR 120 DAYS!” What’s to say they won’t start it with mortgages? They are absolutely desperate to keep this debt Ponzi going.

      1. They are, but if you take the 0% loan with no payments for 6 months, you pay close to full price (no rebates).

  9. Could somebody please wake up poor Uncle Warren, and explain to him how we’ve entered a New Era of Unlimited Quarantinive Easing, where the old rules no longer apply?

      1. My daughter’s Millennial BF let slip that he made $600 just yesterday morning day trading his Powell bux while on vacation. He’s doing much better than Uncle Warren is during the COVID-19 outbreak.

        1. It’s despicable what the FED’s created – just a casino full of reckless, know-nothing gamblers while the prudent get slaughtered.

          1. the prudent get slaughtered.

            I’m not winning the lottery, but I’m absolutely not getting slaughtered.

      1. I’m sure this will end well:

        “One big difference: This time the Federal Reserve is amplifying liquidity in the pandemic-battered economy, which has helped to support risk appetite on Wall Street, emboldening newly minted individual investors to make risky bets on highflying stocks.”

      2. If this were a real bubble, Cuban’s niece would be making the suggestions to Cuban, not vicey-versey.

  10. Dumb question of the day: Does the money which governments borrow to stimulate the economy ever need to be repaid?

      1. Didn’t Japan have a stock market collapse and over twenty subsequent years of currency deflation en route to their current mire of unrepayable debt?

        1. twenty subsequent years of currency deflation

          Isn’t their Lost Decade about 30 years old by now?

      2. Given the fact that it’s going to take until 2050 to get to where Japan is, it looks like I’ll be dead before anything changes. I guess I won’t be buying a house in my lifetime. Oh, well, I just stacked another $20,000 cash under the mattress.

    1. Dumb question of the day: Does the money which governments borrow to stimulate the economy ever need to be repaid?

      When you say “repaid” do you mean in the traditional microeconomics way that ends with a zero balance? Or do you mean just let the little people eat the inflation as repayment?

      1. Or do you mean just let the little people eat the inflation as repayment?

        It’s all fun and games until a loaf of bread suddenly costs $20 (or more).

        I read that while the Dems want to spend another $3T on Stim 2.0 that the GOP “only” wants to spend $1T

        1. I read that while the Dems want to spend another $3T on Stim 2.0 that the GOP “only” wants to spend $1T

          There are sacrifices to make when you’re the party of fiscal responsibility.

  11. “Because of the rent stabilization legislation passed last June, if landlords with regulated units offer relief now, they may not be legally allowed to raise rents again on those units when the economy begins to recover.”

    A point I made here.

    https://larrylittlefield.wordpress.com/2020/04/09/the-revised-nyc-rent-stabilization-law-preferential-rent-and-the-coming-commercial-real-estate-foreclosure-surge/

    Than again, market rates may fall to those levels in any event.

    1. ‘Sales of dried beans went up nearly 70% this spring. Among the panicked bean buyers – a culinary scholar at Pomona College named Kyla Wazana Tompkins. TOMPKINS: I went out. I bought pounds of beans. I, like, put them proudly on my shelf, and then I just, like, rarely touched them.’

      ‘Now Tompkins says she does not know what she was thinking. TOMPKINS: I had the survival story in my head. And now I’ve got it on my shelf, and I actually don’t think I’ll use them until the actual end times.’

      https://www.npr.org/transcripts/892258093

      1. ‘Maharashtra is once again suffering from a milk price crisis, this time caused by the fallout of the COVID-19 pandemic. Dairy farmers within the state have taken to the streets, staging demonstrations against the low prices that dairies are paying for their produce. Milk producers are dumping milk on roads, and blocking the supply of milk to urban areas, while dairies contend that the pandemic, and the multiple lockdowns are to blame for the recent price corrections.’

        https://www.timesnownews.com/business-economy/industry/article/down-the-drain-why-maharashtra-s-dairy-farmers-are-dumping-their-milk/624796

        1. ‘When Bernard King was growing up, there were years when his father could pay the year’s bills with the annual wool cheque. These days Bernard considers himself lucky if he can find a merchant to accept his wool. “We shore 245 sheep three weeks ago – we had four handfilled packs, around 355kg, and all I got was €17.55 or 5c/kg. We were lucky to get rid of the wool if I’m honest,” he said.’

          ‘Bernard, who farms near Leenane and the Maamturk Mountains in Connemara blames the lack of a domestic market for the current wool price slump. The closure of the Chinese market because of the Covid-19 pandemic has seen sheep farmers struggle to find a buyer for their wool. “It’s crazy that the wool is sent all the way to China when you think of the transport cost and then its exported from there back to Europe,” said Bernard. “People have been saying that oil-based products for the clothing industry are cheap and that is exacerbating the problem, but wool couldn’t be much cheaper than it is now and it is a natural product. My father could pay all the bills with the wool cheque years ago. It’s gone from one extreme to another,” he said.’

          ‘Rockbottom prices: Bernard King received 5c/kg for this year’s wool. Prices have been in freefall for several years, but have hit new lows this year with exports to China halted by the Covid-19 pandemic’

          https://www.independent.ie/business/farming/sheep/its-shear-madness-sheep-farmer-gets-less-than-20-for-245-fleeces-39382224.html

          1. “‘We have an amazing product that is exported all over the world, yet somehow we do not have a proper processing plant for it in this country,’ he said.”

            You do not have a proper processing plant in your country because you do not have dirt-poor labor and slave labor in your country.

            The processing of your wool goes to where the economics dictate where they should go. If China is where the economics say the processing should go the China is where it goes.

            This is not rocket science.

          2. If China is where the economics say the processing should go the China is where it goes.

            That’s true, but what often gets forgotten is that automation can produce things far cheaper than human labor can. Of course, that benefit can be negated with burdensome regulations and higher taxes.

          3. “… but what often gets forgotten is that automation can produce things far cheaper than human labor can.”

            It’s not forgotten. For those things that automaton can produce far cheaper than human labor can automation will be the the chosen method of production. Right now the processing of wool using human labor appears to be cheaper that automation.

            Again, this is not rocket science.

          4. Not rocket science indeed.

            If processing wool is cheaper with human labor, it’s only because of regulation and/or taxation on that labor.

      2. I had the survival story in my head

        I know a couple of families that built a chicken coop.

        1. Chicken coop is a Bucket List thingee for lots of folks, as a hobby, not for survivalism. Those eggs will be lots more expensive than what we can get at discount retailers from factory farming. Now with all the time at home, and nowhere to go, more folks are fulfilling that urban fantasy. Been using the time off to do a lot of deferred maintenance at our residence. If this continues into next spring I will also put one up.

    2. Are skyscrapers even safe with COVID-19 aerosols wafting through the indoor airspace? How about high rise hotels, or lux condo towers?

      City living ain’t all that with a highly contagious, airborne virus stalking victims.

  12. ‘Los Angeles-based BH Properties launched a debtor-in-possession (DIP) initiative and set aside $200 million in initial funding to finance and acquire troubled middle market real estate assets in receivership or facing bankruptcy. The initiative will be led by BH Properties’ Andrew Van Tuyle and veteran bankruptcy attorney Howard Weg, who will serve as a consultant.’

    ‘Van Tuyle says, “We have set up the program to help save commercial borrowers and landlords when the moratoriums on evictions and foreclosures expire later this year.”

    ‘Due to the Covid-19 virus, many states across the country have imposed moratoriums on foreclosures and evictions on commercial real estate. BH Properties believes that the coming expiration of these moratoriums later this year, along with the winding down of PPP or other governmental assistance programs, will result in a dramatic and troubling increase in declared defaults, foreclosures, receiverships and bankruptcy filings.’

    https://www.connect.media/bh-properties-launches-debtor-in-possession-platform/

    The vultures are lining up, have been for a couple years now.

    1. ‘A Miami Beach man who worked at Miccosukee Gaming is heading to federal prison for his role in a computer fraud scheme that he and coworkers used to steal more than $5 million from the casino. Lester Lavin, 44, was sentenced to 4 years and three months, and his girlfriend Anisleydi Vergel Hermida, 31, got six months for helping him launder his cut of the money.’

      ‘Lavin used some of his share to buy a condo in Miami Beach and Florida Prepaid College Plans for two of his children, authorities say. He pleaded guilty to three counts in December, and Vergel Hermida pleaded guilty to conspiracy to commit money laundering in January. They were forced to forfeit the condo, another property and the college plans as part of the pleas.’

      https://www.local10.com/news/local/2020/07/20/miami-beach-couple-going-to-prison-for-casino-fraud-scheme/

        1. Anisleydi

          I’ve noticed that Hispanics, both in the US and south of the border, are giving their kids made up names like the above.

    2. Due to the Covid-19 virus, many states across the country have imposed moratoriums on foreclosures and evictions AFAICT these imposed moratoriums are in violation of existing contracts — legally binding agreements to make lease and loan payments, supposedly protected by the US Constitution. Has none sued about the obvious illegality of these moratoriums?

      1. Any court action would likely take longer than the moratoriums will be in effect.

      2. During the build-up to the Gulf War #1 the federal government appropriated aircraft from several airlines. The airlines were compensated for their business losses and wet lease payments for the aircraft’s actual use. This time they aren’t seeing anything resembling the past.

  13. NEWSLETTER
    11-YEAR-OLD BLACK CHILD MADE $1K SELLING ‘N-WORD PASSES’ TO WHITE FRIENDS IN SCHOOL

    White parents tried to make adopted kid woke, failed.

    aul Joseph Watson | Infowars.com – JULY 21, 2020

    The mother relates how “we’ve done our best to have honest, age-appropriate discussions on race, our privilege, and how messed up the systematic oppression and racism in our country is.”

    Apparently, they failed.

    Being the budding entrepreneur that he is, 11-year-old Martin devised an ingenious revenue-generating scheme – he would sell ‘n word passes’ to his fellow middle school students for $25-$50 a pop.

    Unfortunately for Martin, his money making venture was rumbled when he tried to sell one of the passes to his sister’s friend, prompting his sister to grass him up to his parents.

    “My husband and I are shocked and angry, and we don’t know what to do,” said the anguished foster mom. “Martin’s actions must have made his fellow Black classmates upset and uncomfortable, and I feel like a horrible mother and person.”

    “That’s one way to redpill a child before high school: hand over his hard-earned money to undeserving Marxist criminals and rioters in the name fighting his own oppression,” comments Censored.tv.

    https://www.infowars.com/

    1. $50 is a lot to spend on a *ahem* discretionary item, so to speak. Where are the kids getting this “hard-earned” money? They’re in middle school so they aren’t working. Are allowances really that high nowadays? When I was growing up, we never got an allowance and we rarely spent our b-day and x-mas money, so this is foreign to me.

      1. They are probably taught to start lying about income at a young age now to prepare them to secure housing in the future. Proper social justice training covers a wide range of issues.

      2. $50 is a lot to spend on a *ahem* discretionary item, so to speak.

        It doesn’t seem like a lot these days.

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