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The Sudden Bountiful Supply Is Putting Pressure On Prices

A report from the Honolulu Civil Beat. “Erina Peters, a single mom who has called Hawaii home since she was 3 years old, packed up her things and made the tough decision to relocate to Nevada in mid-February. The worsening pandemic and its ripple effect on the tourism industry, which both of her two jobs relied on, threatened her livelihood, she said. It wasn’t going to be worth ‘killing yourself to try to survive in a place that was already pricing locals out.’ Then it became clear the virus was not only going to kill people, but jobs, too. ‘My industry is dead,’ said Peters, who worked in timeshare and bartending while in Hawaii.”

From Hawaii News Now. “A lack of job opportunities and no communication from the state’s unemployment office is driving some Hawaii residents to pack up their bags and move to the mainland. Thirty-year-old Daniel Jalomo is preparing to head out to California in just a few weeks as finding work on the island has been a challenge. ‘You look at Craigslist every day, there’s no jobs,’ said Jalomo.”

“Tiana Romkee, 27, is also planning to leave the state. She was laid off from her jobs as an esthetician and server. She’s also in the process of moving to California. ‘I have to work. I have to get some sort of assistance. We have to pay bills, you know, I’m missing payments left and right, so at this point it’s a matter of survival,’ said Romkee.”

From Business Den in Colorado. “While single-family homes around the region have been selling at record prices, the number of condominiums available in downtown Denver keeps climbing. ‘There are houses averaging over $600,000 that can’t stay on the market for more than a few days, and then downtown, you have condos that aren’t selling or having to drop their prices,’ said Lori Greenly, founder of Denver-High Rise Living. Her firm specializes in downtown condos. ‘We have many things at play, like the election, COVID, and the rough homeless issue. It’s the perfect storm, and here we sit.'”

“In Denver’s 80202 ZIP code, which encompasses most of downtown, there were 193 active listings at the end of August, up nearly 50 percent from August 2019 and 112 percent from August 2018, according to data from REColorado.”

The Denver Channel in Colorado. “Downtown Denver used to be so full of life before the COVID-19 pandemic. ‘Downtown is kinda silent, and it’s kind of a 180 from last year,’ Denver High-Rise Living founder Lori Greenly said. Inventory downtown is up about 50% from last year and currently a number of price reductions. ‘I’m tracking these price reductions in 80202 right now, because there’s some pretty sweet deals,’ Greenly said.”

From Alexandria Living Magazine. “A former Lockheed Martin Corp. CEO is selling a massive home along the Potomac River northeast of Fort Hunt for $60 million, the Wall Street Journal first reported. Another East Boulevard Drive property, originally listed for $38 million, has had a serious price reduction and is now listed at $14 million.”

From Real Estate Business Online. “The economic impact of the COVID-19 pandemic has been felt more severely in Southern California than in most areas of the country. The Southland’s high concentration of employment in the tourism and entertainment sectors made it especially vulnerable to the effects of social distancing protocols and the reluctance of many to board commercial aircraft. Are Class A investments the contemporary real estate equivalents of a white elephant or the next great buying opportunity? How much further may rents fall?”

“The densest clusters of millennial renters are found in Central San Diego, Mission Valley, University City, Carmel Valley and Solano Beach. A closer examination suggests that tenant attrition was largely attributable UCSD and CSSD students vacating off-campus housing when it became apparent that in-class instruction was canceled for 2020. Submarkets with large student populations accounted for a large percentage of the net tenant losses and a substantial share of rent trend weakness.”

“Average rent in September settled to the lowest level in twenty-eight months, 1.4 percent below September 2018. Class A rents in Downtown buildings plummeted 4.83 percent over the trailing 12 months ending in September to $2,455, a figure 2.22 percent below the September 2017 level! Moreover, while renters continue to absorb space in new buildings at a constructive pace, concessions are rising, in some instances reaching the equivalent of 15 percent of asking rent.”

“Will rents fall further? Nothing in the September data indicates otherwise. Average rent declined in every submarket in September. Seasonally weaker demand and further student lease expirations could exert still more pressure on rents in the fall. Investment returns, particularly in Class A, are down and won’t improve through year’s end or longer.”

The San Mateo Daily Journal in California. “The pandemic ripped open a widening gap on the local real estate market, as home sale prices continue ticking upward through the summer while rents are dropping at unprecedented rates. Median rents reached $2,215 for a one-bedroom unit in the city of San Mateo according to the October report from rental website Apartmentlist, marking a 3.7% dip from the previous month and steep 11.9% drop from the same time last year.”

“The price drops are not specific to San Mateo, said the report, which indicated the general Bay Area is experiencing widespread declines — most notably in San Francisco, where prices plummeted 20% from the year prior.”

The Globe and Mail in Canada. “On the front lines of Toronto’s cooling condominium apartment market, agents are contending with selling and leasing conditions that are upside-down compared with just a few months ago. Investor-owned condos seem particularly vulnerable to the shifts in the rental market, which has been softened by factors including the arrival of thousands of newly completed condos and a decline in immigration and student tenants. And now there are signs the tenant shortage has sent a price signal to the resale market, too.”

“‘We are getting two, three calls per day [from tenants] to renegotiate,’ says Sundeep Bahl of UrbanCondo, a company that helps investor clients purchase presale condominiums and then manages the units for them once construction is complete. Mr. Bahl says he has 72 listings currently active on the Multiple Listing Service and has three associates working with him to handle the increased turnover. ‘There’s no new tenants; we’re just recycling them from one unit to another. Some are taking advantage of the situation, to be honest with you. They see the unit down the hallway that’s $300 cheaper and they say ‘I’m leaving.'”

“Mr. Bahl says UrbanCondo has close to 600 units under management. Some owners have one or two condos in their portfolio, some have many more. Sometimes his clients want to call the tenants’ bluff and list the unit for sale or for lease and see which offer gets taken up first. But lately, what happens instead is the landlord ends up with neither a sale nor a tenant.”

“‘There’s the risk of losing the tenant and the property not selling … [and] I can’t find you another tenant. We used to have 10-12 units up for lease [at a given time], now it’s 80 units,’ he says. ‘I’ll put a unit for sale in one building and [get] not a single showing on some of these properties.'”

“In January, active listings Toronto sat at just more than 1,300 units, the lowest inventory in about a decade. Starting in June and July, listings soared well above the average, reaching almost 5,000 by August. In September, it’s now more than 6,000. At the same time, buying activity has stayed relatively constant. The sudden bountiful supply is also putting pressure on prices.”

“‘Despite a partial rebound from the spring, sales are down 14 per cent year to date and have fallen to their lowest level since 2013,’ says Shaun Hildebrand, president of real estate analysis firm Urbanation Inc. In August, Toronto resale condo prices were down 11 per cent from their March high.”

“Many downtown condo buildings have witnessed price declines compared with the pre-COVID-19 market amid surging listings. At the 1,343-unit Ice Condos across from the Scotiabank Arena – buildings well known to have a high rate of Airbnb use – there are currently 43 units available for sale and 126 up for lease. Where a one-bedroom, 500-square-foot apartment sold in January for $632,000, two units of similar size and amenities sold at $559,000 and $599,000 between July and September.”

“‘It looks to me that prices are going to start showing annual declines by October or November given the current state of the market,’ Mr. Hildebrand says. ‘But keep in mind the current average is nearly $750,000 and has grown by 67 per cent over the past five years.'”

“That history of price growth explains, in part, the whiplash some owners are feeling. ‘You have to remember the market was absolutely nuts right before the pandemic. In January/February, everything was going way over asking, 10 offers were common,’ says Andrew La Fleur, an agent with Re/Max Condos Plus Corp. Brokerage who specializes in condos for investors. Mr. La Fleur said he’s seen the steepest price correction among units more than $800,000. ‘Prices were up in [February] in some cases $100,000 from October, 2019. So it’s been a dramatic turnaround to say the least.'”

“Mr. Bahl says he thinks it could take 18 months to two years for some of his clients’ investments to recover, even if rents have fallen to essentially 2017 levels and rent controls make them difficult to escalate quickly. But it may also just be a small setback for a class of investors who have had a good run so far.”

“‘People have been playing this game, they’ve seen unprecedented growth for the last 10-15 years. Until recently it was a no brainer: You were bound to make money,’ Mr. Bahl says.”

Related Posts

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This Post Has 180 Comments

  2. I generally think the Globe and Mail is a good newspaper. Their real estate reporting is in a different place most times:

    ‘You have to remember the market was absolutely nuts right before the pandemic. In January/February, everything was going way over asking, 10 offers were common’

    Yeah, keep in mind, you have to remember… Fact is Andy, those people are FOOKED!

    1. any condos HabourView, Downtown financial district, Entertainment district, Fort York — all the way up to Dundas (basically 10 blocks E-W, and 20 block N-S) are screwed. I would estimate around 160 high rise condo buildings.

      But never fear – more are being built for 2021 and 2022.
      ——
      “According to the latest numbers from the Rider Levett Bucknall Crane Index, Toronto has a staggering 124 cranes in operation working on various large-scale developments right now while residents move into the second wave of COVID-19 and potentially further lockdown.

      This makes us the urban centre with the most cranes in North America by a long shot, with 29 per cent of all of the continent’s cranes.

      And, as anyone who lives in Toronto could guess, it’s not a title that the city is unfamiliar with — we’ve topped the list multiple times now, with far more of such construction activity than cities like New York (12), Chicago (14) and Los Angeles (41), especially while some other cities have imposed restrictions on construction.”

      https://www.blogto.com/real-estate-toronto/2020/10/toronto-construction-cranes-north-america/

  3. ‘it may also just be a small setback for a class of investors who have had a good run so far’

    ‘People have been playing this game, they’ve seen unprecedented growth for the last 10-15 years. Until recently it was a no brainer: You were bound to make money’

    Probably the worst “narrative” the REIC/media runs is the game. It’s like sports. Or bulls versus bears.

    Housing isn’t a game, nor an investment. There are powers that be who may want it to be so, but it’s a greater fool setup. Why? Because any gains along the way can only come from some sucker who pays the price, with interest, for 30 years. “Up and up” can only end in a crash.

    There was a time, not that long ago, that this whole scenario didn’t exist.

    1. “There was a time, not that long ago, that this whole scenario didn’t exist.”

      Ponzi finance works great until prices reach unsustainable heights. When no buyers who can pay still more are forthcoming, the price growth stalls, then collapses, leaving the last generation of buyers holding the bag on cratering prices.

      1. We’re in a Ponzi economy. Everything is topped out. There’s nowhere to get a return period, unless you want to gamble in the stock market and hope it makes a new peak next to its current Everest height.

  4. ‘killing yourself to try to survive in a place that was already pricing locals out…My industry is dead’

    ‘You look at Craigslist every day, there’s no jobs…I have to work. I have to get some sort of assistance. We have to pay bills, you know, I’m missing payments left and right, so at this point it’s a matter of survival’

    Yes, but are you safe? Are you wearing yer mouth hankey while you pack off to socialist sh$t-holes, looking for a handout? What about cases!! What happened to my curve?

    Where’s the end of this madness? Oh, right, just after the election.

    1. Rules for thee, not for me:

      It is one thing to flout a coronavirus travel ban to fly overseas for the purposes of buying a yacht.

      It’s altogether another matter to do so when your wife is the one who made the rules.

      South Korea’s foreign minister, Kang Kyung-wha, came under pressure to resign Monday after her husband defied her ministry’s advice against all but essential travel overseas, and flew to the United States on Saturday to buy himself a new boat.

      2. The paper accused Kang of “flagrant hypocrisy” as her ministry, just days before, had ordered Koreans to stay home for this year’s Chuseok holiday, saying that people’s “private lives are not an absolute right.”

        These lib dictators SUCK.

    2. Lot of callers to morning radio today talking about where theyre moving to and why. Lots of “we love hawaii, but it doesnt seem to love us” and we’ve been here for decades but the costs for retirees is unsustainable or there are no opportunities for young people, my family is all on the mainland.

      The county used to have farmers markets just about everyday somewhere on the island, now because of the scary flu they cant allow it. Instead one of the old sugar businesses holds the biggest one on their land, just down the street from where the county used to hold its market, with the same hours.

      Govt has yet to issue a single layoff.

      1. Even before this most of my Hawaii friends were already making the move to the mainland – esp Las Vegas area. I think I have more friends from Hawaii there than actually in Hawaii.

        The 9th Island LOL

        Not sure they’re going to do better in Nevada or especially California. I’m assuming a lot of these new transplants had jobs in tourism and hospitality and those jobs are scarce here too.

        1. They”ll do better in Nevada because the cost of living is much lower and while LV is hurting big time it will snap back a lot quicker than Hawaii.

          I also think a big factor for many going to LV is that there’s a well established population of Hawaii locals – I’ve been told it feels like youre in hawaii and theres plenty of places to get local style grinds. So theres a comfortable familiarity. I cant imagine living in Hawaii all your life and moving to the mainland – its gotta be a heck of a shock to the system.

          1. feels like youre in hawaii

            In bone-dry Las Vegas? I🤷‍♀️ That’s quite a shock to the system!

    3. “My industry is dead,’ said Peters, who worked in timeshare and bartending while in Hawaii.”

      Yup, non-essential service sector jobs where the real income are the tips deposited to the cleavage bank.

  5. ‘Are Class A investments the contemporary real estate equivalents of a white elephant or the next great buying opportunity?’

    I’ll take white elephant for $500.

    1. “After its record second quarter, analysts expect Encore to blow past $200 million in profit this year and reward stockholders with 40% earnings growth compared with last year. Portfolio Recovery is set for similar growth. The share prices of both have soared off their early April lows.”

      There’s still some wheat to winnow from the chaff!

  7. ‘Another East Boulevard Drive property, originally listed for $38 million, has had a serious price reduction and is now listed at $14 million’

    And half off is unrealistic. Eat yer crowz taxpayer.

    1. And that listing isn’t even a house. It’s 10 acres of land subdivided into four lots. $3M plus for a plot of LAND.

    2. ….. and not a buyer in sight at any price.

      ooooph

      Arlington, Va Housing Prices Crater 14% YOY As Lot Prices Plunge Double Digits

      https://www.movoto.com/arlington-va/market-trends/

      As one Arlington County broker lamented, “How can we possibly sell a resale house when builders are selling new houses on the same street for 20% and sometimes 30% less?”

  9. I came across this the other day:

    ‘The prices for single-detached houses in Whitehorse continue to rise, according to the real estate report on second-quarter sales this year. The average price for houses sold in April, May and June was a record high of $546,800, up $17,300 or 3.3 per cent compared to the second quarter of 2019, says the report released Friday by the Yukon Bureau of Statistics.’

    ‘There was a total of 173 real estate transactions in the second quarter, of which 76 were for houses, or five fewer than the same period last year. There were 72 transactions for the sales of condos, up from 66 in the second quarter of 2019.’

    ‘The average price for condos in the second quarter was $412,800, up from $354,700 in the second quarter of last year. The seven duplexes sold went for an average of $412,700, up from $378,700 in the second quarter of last year. The four mobile homes sold in the second quarter went for an average of $290,200, down from $341,300 in 2019.’

    ‘Marc Perreault, the president of the Yukon Real Estate Association, said today there are a number of factors influencing house prices. The supply of available housing lots is a factor, as demand has outstripped the supply of lots, a situation not unfamiliar for Whitehorse, he said.’

    ‘Country residential properties continue to be the most expensive, with the nine properties sold in the second quarter going for an average of $639,600, down from $693,200 in 2019. Homes in Copper Ridge fetched the second-highest price at $606,700, followed by Whistle Bend with an average price of $588,600, Porter Creek at $503,300 and Riverdale at an average price of $482,800.’

    https://www.whitehorsestar.com/News/several-factors-are-propelling-local-housing-prices-upward

    From the comments:

    ‘The people who foster and encourage this onslaught of free money coming into the territory are the problem. You know who they are and they are so simple because they think they are doing everybody a favour. THEY’RE NOT!! They are the ones who are screwing up any semblance of normal filling their own pockets with money and also their friends. Wake up people or you’ll be paying a million bucks for a house in Whitehorse.’

    ‘Interesting why the reporter never asked the city and government politicians what they are going to do in the next 12 months to bring more lots online to drive down the house prices. I do get an image of miniature realtors on all politicians shoulders whispering in their ear “say ya we will and then walk away smiling behind their back. Now that’s a good puppet.’

    ‘so many people will be stuck in houses worth $200K while paying $550K. Will also see a sharp rise in new homes as materials have gone through the roof.. can’t wait for next year’s collapse of the banking, housing, stock crash! Will be at least 3x worse than 2008..’

    ‘What Perreault doesn’t mention is the realtor influence. That is, when someone says “Id like to get $500,000 for my house, and the realtor says we can get you way more than that. The only people winning in this market are the realtors. Even if you sell, you still have to buy back in. Greed, pure and simple.’

    ‘Seriously….who can afford this? I can’t and I’m in a dual income house that makes a decent wage.’

    1. I’ve always been fascinated with Whitehorse, because it’s an isolated, pure example of a mania. I spent one night there on a drive up to Anchorage. It’s pretty much a sh$t-hole. Beautiful country though, and plenty of it! And beyond each line of mountains and valleys, is another line of mountains and valleys, in every direction.

      1. I love looking out the window at all the beautiful open country when I fly up to Alaska. Soothes my soul to know that so much still exists.

          1. Where does he live, if you don’t mind? I like to learn about Alaska. The fishing is out of this world.

          2. Sorry to but in, but I went up to the Kenai for a week of drift fishing for King Salmon. It was amazing. The part about not using one of their guides was a little sketchy.

            Also paid for one day of guided halibut fishing in Cook Inlet. Amazing.

          3. South of Anchorage. The salmon aren’t too plentiful lately, but the halibut are, and they’re the tastiest.

      2. And beyond each line of mountains and valleys, is another line of mountains and valleys, in every direction.

        And yet the bubble is in the land price, not the materials to build. Land, as far as the eye can see, but completely unaffordable. Politicians are in on this.

          3. non-productive land

            Having worked productive farm land in PA, I have to wonder what yearly income is even possible from an acre in the Yukon.

          4. Having worked productive farm land in PA, I have to wonder what yearly income is even possible from an acre in the Yukon.

            Zero. It’s a yearly loss when you consider taxes.

          5. For desert scrub and non-productive land, absolutely.

            In the south west property values live and die by water rights. If you don’t have any then the land is worthless.

        2. As a species we’ve gotten pretty dependent on infrastructure. You can get land out there dirt cheap, but you’d have to be pretty tough to live there.

      3. “I’ve always been fascinated with Whitehorse…”

        I like their airport’s tetrahedron (wind direction indicator), an entire DC-3 sitting on a pole! It was likely the workhorse of the day before the turbine STOL aircraft arrived on the scene.

      4. “And beyond each line of mountains and valleys, is another line of mountains and valleys, in every direction.”

        And right now is probably the best time of year to drive the “Alcan Highway.”

        1. I don’t know about that. I drove up in early June and headed back the first week of September. By that time the days were getting darker 5 minutes earlier every day! Longer days make it easier to cover ground.

          I made that drive in a two wheel (rear) drive Nissan truck. That was kinda crazy looking back. I found it best to fill up the tank at every opportunity. I had one flat in the Canadian Rockies. The frost heaves alone make driving at night tough (impossible?). The worst was the washboards: you could just crawl along, and a trip like that would take forever. After trying a lot of approaches, I settled on driving fast as hell and just bouncing off the tops of each rib. An RV couldn’t have done that.

          I had camping gear, but didn’t do it much cuz the campgrounds were almost as expensive as the hotels/motels. This is an absolute must:

          https://themilepost.com/

          1. An RV couldn’t have done that

            I discovered losing steerage at 40 mph in a service van on a Nebraska washboard once. Worse than snow.

          2. “I made that drive in a two wheel (rear) drive Nissan truck.”

            A friend and I drove all the way up to the arctic circle in a Datsun LB110 hatchback. Looking back, a mosquito tent would have made life much better.

          3. What route goes to the arctic circle?

            That Nissan was a 5 gear on the floor. Fun on those slippery mud roads and useful to slow down on the steep inclines (which came one after another for days). Saving brakes is important up there cuz you won’t get new ones without a good stretch of the legs.

          4. “What route goes to the arctic circle?”

            There’s a highway the runs north-south from Fairbanks up the Prudhoe Bay, but we only went as far as the arctic circle. We had a long pipe cutter to snag the road sign up there, but I guess that had been done so many times they built huge billboard sized affair. We spent the night there, and we met several groups of people making the pilgrimage, non of them sober and all frighteningly well armed.

  10. A reader sent this in:

    ‘Wall Street’s alchemists are at it again, this time spinning supposedly safe investments out of the pandemic-stricken market in commercial real estate.’

    ‘In a maneuver that recalls the complex home mortgage investments in the mid-2000s, Cerberus Capital Management has used relatively low-quality commercial mortgage bonds to create triple-A debt. Although the investment firm didn’t invent these securities, it’s selling them at a moment when the property market is being clobbered by the pandemic.’

    ‘Around 9% of commercial mortgages that have been bundled into bonds were delinquent in August, according to data from research firm Trepp, as Covid-19 keeps shoppers out of malls, travelers away from hotels and workers home from offices.’

    ‘But the challenges to the commercial real estate market also mean that hedge funds are looking for opportunities to profit amid the fallout. The Cerberus securities mature in essentially 2.2 years, and the AAA portion is being marketed at a price of between 1.4 and 1.5 percentage points over benchmarks, according to people with knowledge of the matter. The high ratings combined with relatively high yields and short-term maturity could attract some investors.’

    “I’m sure the ratings are what’s driving the demand,” said Jason Callan, head of structured assets at Columbia Threadneedle Investments.’

    https://finance.yahoo.com/news/cerberus-repackaging-near-junk-cmbs-225005869.html

    And we know the ratings are crap. Recall the Dallas fed guy pretending to worry that “people are taking on too much risk!”

    1. Q. How does credit and debt get rated?

      A. “Credit assessment and evaluation for companies and governments is generally done by a credit rating agency such as Standard & Poor’s (S&P), Moody’s, or Fitch. These rating agencies are paid by the entity that is seeking a credit rating for itself or for one of its debt issues.”

      https://www.investopedia.com/terms/c/creditrating.asp#:~:text=A%20credit%20rating%20is%20a,particular%20debt%20or%20financial%20obligation.&text=Credit%20assessment%20and%20evaluation%20for,)%2C%20Moody’s%2C%20or%20Fitch.

      So a credit rating or a rating on debt is shopped for and is paid for by the entity that wants it’s credit or debt rated. If the entity doesn’t like the rating then it can shop around for another, a more favorable one.

      Once it get’s a rating it likes, say an AAA rating, it can then use this rating as a lure to suck in the schmucks and garner some hefty fees.

      I like it.

      😁

      1. A rating entity for credit or debt operates in the same manner that a real estate appraiser operates for a house or a condo in that the rater or appraiser just may starve if his numbers do not meet the expectations of the people who hire him. Or, he just might get amply rewarded if his numbers end up being the right ones.

        Obviously there is no chance of a conflict of interest occurring because business ethics would not allow for it.

  11. From Business Den in Colorado. “While single-family homes around the region have been selling at record prices, the number of condominiums available in downtown Denver keeps climbing … ‘We have many things at play, like the election, COVID, and the rough homeless issue. It’s the perfect storm, and here we sit.’”

    Funny how outside of downtown everything seems to be fine. Covid? We have Covid everywhere. “The rough homeless”? That didn’t affect downtown dwellers before.

    Roving mobs of thugs who might pull you from your car and beat you? Nah, it couldn’t be that.

    I saw an article about people doing what Carl was doing: working remotely while on the road. There was a picture of some travelers in front of the Idaho State Capitol building. No graffiti, no pulled down statues, no mobs, unlike the state capitol in Denver. Gee, what could be the difference? It couldn’t be because Idaho is run by Republicans?

    1. Boycott Denver.

      They’ve made it abundantly clear that myself, and my discretionary spending, are not welcome in Denver. The trajectory of my money earned there moves in one way only: out of Denver.

    2. I saw an article about people doing what Carl was doing: working remotely while on the road.

      Just an update, got back into Folsom last night and back on phone meetings this morning. I took the last couple of days off last week for a family wedding in Utahrrr, plus the policy change that kicked in on October 1st that I needed to be available to be onsite if I wasn’t on vacation.

      It was a once in a lifetime opportunity as far as I know…worth doing once, but I can’t really recommend it as a lifestyle. It was like doing two full time jobs all the time and it about killed me. There was much less free time than I originally anticipated…as I was putting stuff back in the house last night I looked at the stack of books I brought and laughed at what I was thinking when I left.

      2. it’s expensive

        It is less grueling and less expensive if you slow down, not motor all day every day, stay in a spot for more than one night & etc.

        1. Definitely true. Although there wasn’t a choice for this trip if we were going to go all the way around.

          1. Did you have to be back by a certain date?

            When my employer pushed us to work from home, most of us moved away before the managers got all jealous about the long leash. I had an really sweet routine eventually. There was a lot of noise from the top one time when I was in Vermont (on vacation) when I didn’t answer my cell for a few days because there wasn’t cell service. The boss asked me to swear to check my messages at least every day in future, so I took to working half days officially while burning through vacation. I had four weeks “vacation” plus two “personal” as an alternate to lying to take sick time. I could go 12 weeks getting up at 6AM and working until 10AM, by which time my First Mate was up and had coffee and breakfast. Then we would have the whole rest of the day to cruise a little or just play on the beach somewhere. After 12 weeks she went back to her teaching job.

            If there were to be an unexpected face to face requirement, I only needed to find a taxi to an airport. It was rare. I had a button up shirt ready for video calls.

            Now of course, no projects, no meetings, no class to teach and no schedule.

            On a very bright note, Canada says it will open the border to long time unmarried partners in a week! No cruise together this summer but oh well.

          2. Did you have to be back by a certain date?

            Not when we left. But by the time it was halfway through and we had the video call debacle it was all I could do do get them to let me not show up in person until today.

            Now the icing on the cake, looks like we got exposed to CV at the wedding reception Friday night so I may not go in until we get tested later this week anyway. There was good ventilation in the room but it was indoors and we did share a table with her for a while. Luckily she wasn’t the chatty type. We all wore masks while just sitting, but obviously not while eating. Maybe 30 minutes of exposure across a table and masked for half of it.

  12. ‘Stroll the central business district of Atwater Village and it’s clear that the nearly 75 storefronts are in a period of accelerated change. In a perfect storm of pandemic-forced closures, soaring rents and a changing neighborhood clientele, Atwater’s famed shopping corridor has been once again transformed.’

    ‘In the past 20 years, the blocks along Glendale Boulevard from San Fernando Road to the I-5 Freeway gradually changed from a neighborhood of mom and pop shops to a haven for more upscale restaurants, coffee shops, fitness studios and trendy retailers. ‘

    ‘Now, however, far fewer pedestrians stroll the famously wide sidewalks—and stop only long enough to absorb the new ways of doing business in a COVID-19 world.’

    ‘The similarly compact Palette Food and Juice announced it was closing September 30th after four years. “They keep saying if you’re mostly take out, you should be fine. But this has simply not been the case for us,” co-owner Molly Keith wrote on Instagram. “But the truth is, we keep going further and further into debt, our [Paycheck Protection Program] loan ran out in July, our sales have been around 25% of what they were pre-COVID, and we have been struggling to decide how and when to just call it.”

    ‘A rent increase sped the decision. When Peggy McCloud opened Jill’s Paint 18 years ago, the Los Angeles Times called Atwater Village “one of those borderline neighborhoods perpetually on the cusp of ‘hot.’” By 2019, Atwater was sizzling and rents were on fire.’

    ‘Early in the pandemic, as an essential business, McCloud’s paint and hardware store did booming business as shut-in homeowners went on redecorating binges, but it wasn’t enough. “They doubled my rent,” said McCloud. her rent was increasing from about $5,000 to $11,000 a month by November.’

    “If no one bought, I probably would have shut the store down in November. No way I could go from $5,000 to $11,000 a month in rent. How much can you keep raising prices? How much can you charge for a can of paint? It gets where you can’t sustain the price,” McCloud said.’

    ‘Romi Rios, the longtime proprietor of Villa Romi Salon, closed her well-known skincare and hair salon in February after her rent zoomed from $650 nearly 20 years ago, to about $1,300 in 2007, to almost $3,000 a month in 2019 for a space less than 500 square feet without air conditioning.’

    “I think what’s going to happen is these owners and landlords will have to come to their senses. This isn’t the West Side,” said Rios, who also retired ahead of schedule.’

    https://www.losfelizledger.com/covid-rising-rents-reshape-atwater/

    1. I like the idea of renting or leasing some space to some hard-working entrepreneur-type of person who will spend years building up his business and adding a great deal of value to the location – adding value to the property – that I happen to own. This puts me in an excellent position of strength and offers up to me the excellent opportunity to Jack him up by jacking up the rent.

      😁

      1. This puts me in an excellent position of strength and offers up to me the excellent opportunity to Jack him up by jacking up the rent.

        An efficient parasite never kills the host. You won’t last long.

        1. The efficient parasite is clever enough to bleed the host to the max, bleed him just short of the point of killing him.

          If the host and the parasite are both human beings then some very carefully selected words can be chosen by the parasite and presented to the host in such a way that the host will not only allow the parasite to extract the maximum amount of the host’s resources but will also express an enormous amount of gratitude for allowing him to do so.

    2. By 2019, Atwater was sizzling and rents were on fire.’

      This should never, ever be the case. The FED fawked the economy. And their solution is to fawk it worse and worse. The very thing that they used to destroy it, they’re continuing.

      1. The very thing that they used to destroy it

        That thing is our borrowing. Debtors get shriveled. If there are no borrowers, the bank gets shriveled. The Fed is just a consortium of banks.

        1. That thing is our borrowing. Debtors get shriveled.

          Or lending – it’s a two way street. But the originator is the lender. That’s where it starts.

    3. https://granolashotgun.com/2020/06/30/a-receding-tide/

      “Sausalito is directly across the bay from San Francisco. Before Roosevelt’s WPA built the Golden Gate Bridge in the 1930s it was a sleepy semi-isolated working class lumber mill town and fishing village. But in the decades after World War II it transformed into a luxury address and global tourist destination.”

      “Sausalito gradually tailored its economy around a continuous throughput of long haul visitors from across North America, Europe and Asia. There was a heavy emphasis on restaurants, cafes, ice cream parlors, art galleries, antiques, souvenir shops, and short term rental accommodations. And for a very long time this arrangement generated solid cash flow for merchants and the municipal tax base alike.”

      “But it also hollowed out the business district in a weird way. Sausalito became the kind of town where you can spend $5,000 on a beautiful bauble, but struggle to find a shop selling useful everyday items. And property values drifted far above what ordinary people could manage.”

      “Once the international flights stopped and the folks in the nearby region began to stay home the wheels fell off the cart. The tourist economy sterilized any chance of a local economy and there isn’t anything left to fall back on.”

      1. The tourist economy sterilized any chance of a local economy

        Funny how that works. It’s not that there can’t be a local economy, it just makes no economic sense when everything becomes so expensive…

          1. Free rent until next year? It’s Oct now so anyone moving in will have about 2.5 months as most.

          2. Some Manhattan Landlords Offer New Tenants Free Rent Through 2020 Amid Glut Of Empty Apartments

            “Tenants are filling out four to five applications at the same time and negotiating one offer against the other,” Gary Malin, chief operating officer of brokerage Corcoran Group, which represents landlords, told Bloomberg.’

            That’s the spirit!

        2. It’s not that there can’t be a local economy, it just makes no economic sense when everything becomes so expensive…

          This makes me think of Prospect Street in La Jolla. Back in the 80’s and 90’s it was a nice place to hang out. There were bookstores and other shops where you didn’t have to be a tycoon to afford to buy something. There were sort of affordable restaurants. Unless the weather was wretched it would be teeming with people any evening.

          There was a 20 year gap since the last time I was there and when I went back a couple of years ago I didn’t recognize the place. The affordable restaurants and shops were gone. And the place was utterly deserted. Walked down the cove, and it was also deserted. Walked to the children’s cove and saw almost no one. It was eerie.

          2. “High real estate prices, both commercial and residential, destroy economies.”

            Back in the day, out West meant New Orleans or St. Louis, and those who found either it too expensive headed further west on the Southern Emigrant Trail or the Oregon Trail, braving Indians, Grizzly, murderers, etc., in the hopes of a workable place to live.

      2. My x and I used to rent the office about the Starbuck’s in Sausalito in the early 90s. They guy we rented it from had a Mary Jane problem which would crowd out the smell of the coffee every other day. I’ll never forget the views of the city at the end of the day during that dusk light.

    1. Given that many, many one bedrooms are available in Manhattan for less than $1,900, I suspect the affordable housing is going to get affordable.

    1. Up until the Democratic presidential debate, that movie was the creepiest thing I’d ever seen.

    2. “When it was on the market in 2016, animal rights group PETA offered to buy it and turn it into an “empathy museum,” where visitors could wear the skin of mistreated animals, just like old Bill.”

      I thought fruits-n-nuts were just a California staple?

  17. ‘There’s no new tenants; we’re just recycling them from one unit to another. Some are taking advantage of the situation, to be honest with you. They see the unit down the hallway that’s $300 cheaper and they say ‘I’m leaving’

    That’s the spirit!

    1. Some are taking advantage of the situation, to be honest with you.

      That’s so unfair…nobody ever took advantage of them…

    1. warned that 70% of small and midsize theater businesses may fail

      Drove past the local multiplex on Saturday. Though it has 14 screens they only had a couple of movies on the marquee (one of them was the Bill & Ted sequel). The parking lot was almost empty.

        1. Most new movies are globalist propaganda packaged as entertainment. If Hollywood allowed talented screenwriters and directors to tell the kinds of stories that resonate with movie audiences, they probably wouldn’t be bleeding so much money.

          Get woke, go broke. Deservedly.

          2. Exactly Boo,exactly. It was already next to impossible to get scripts read in Hollywood before it was so Woke, and now it IS impossible. No reason to spend your hard earned money on the current crop of Hollywood socialist garbage. Better to stay home and watch older movies made before SJW mind pollutants.

    2. Well gud-darn it, if’n the movie theaters close down, where are all the folks with screaming two year olds, all the loud mouthed cell phone yammerers, all the people who like to talk back to the screen, where, just where, are they all gonna go of an evening?

      2. What percentage of the military is Democrat? Aren’t his doctors also military officers?

        1. With the military prioritizing diversity over merit for officer training slots and promotions, and maintaining lower standards for females and minorities in the name of “inclusion,” the percentage of Democrats in the military is steadily rising.

      1. Trump Says He’ll Be Leaving Walter Reed Hospital on Monday Evening

        October 5, 2020

        “I will be leaving the great Walter Reed Medical Center today at 6:30 P.M. Feeling really good!” the president said in a statement. “Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump Administration, some really great drugs & knowledge. I feel better than I did 20 years ago!”

        https://www.theepochtimes.com/trump-says-hell-be-leaving-walter-reed-hospital-on-monday-evening_3526887.html

        2. Talk about an October surprise! Orange man (74 and overweight) catches covid and kicks its azz in a weekend, are you kidding me? He just showed this thing is mostly a hoax and I imagine when people start to realize the role the media, politicians and big pharma played to perpetuate this hoax, well lets just say radically increasing the lead content in their diet will be getting off easy compared to whats coming. Lots of people whose lives were wrecked are going to go full purge on the diaper faced libtards and it will be glorious. Heading to the store to stock up on popcorn.

          1. This disease is NOT a hoax; it is not a plandemic. Trump was blasted with antivirals and steroids within hours of showing symptoms, possibly stopping the disease in its tracks. If Trump were a regular schmo, he would have suffered at home (or even would still be waiting for a positive test) for 10-14 days before going to the hospital. By then, Trump would have been MUCH sicker, sick enough to wipe that tin foil smirk off your face.

            The credit doesn’t go so much to Trump as much as it does to the heroic scientists and health care workers who have toiled nonstop for the past 9 months developing these treatment regimens.

            Now, if only the FDA would PLEASE look at Ivermectin as a cheap anti-viral, instead of pushing Regeneron at $$$ a pop.

          2. ‘tin foil’

            It’s an undisputed fact that China sealed off Wuhan from the rest of the country, yet continued to allow thousands to fly out of that airport all over the world. I wouldn’t put anything past these people.

            You do know they’ve never stopped harvesting organs from political dissidents and using mass forced labor camps? Do you remember that Chinese mafia, tied Chinese police, are responsible for much of the fentanyl killing thousands in the US and Canada – every year?

          3. Now, if only the FDA would PLEASE look at Ivermectin as a cheap anti-viral

            If a person were to hypothetically go down to the pet store and pick some up, what’s the right/safe dose per 100lbs and how often?

          4. This disease is NOT a hoax

            Of course, but the way it’s been handled by the government has been extremely sketchy in many respects. Trump has been pushing since the beginning for us not to cower and not to destroy our economy out of unreasonable fear. Also to push hard for these treatment advances. So, the solutions he pushed is the one that is working.

            The hecklers and the fear mongers are disgraced IMO.

            I’ve been thinking the past couple of days with Pelosi & her gang saying essentially the President deserves this because he invited it by taking some level of risk. Isn’t that like saying a rape victim invited it because her skirt was too short or something?

            Anyway, the epidemic has been an order of magnitude less deadly than promised by our scientists, so it is majorly a hoax. This was understandable for the first few weeks, but not eight months in.

          5. down to the pet store

            Mind you that is not going to be made in an FDA inspected facility, and likely not even in this country.

          6. Carl, I’d rather not post any numbers, but if you search online, the research trials papers do list what dosages they gave to the subjects, based on weight. IIUC you would take one dose with an optional identical dose the next day.

          7. Isn’t that like saying a rape victim invited it because her skirt was too short or something?

            In the short skirt scenario, the guy is expected to refrain. Do you really think this virus is going to “refrain” from entering someone’s nose? Do you charge the virus with a crime? Sorry, it’s up to us to block this virus out. So, yeah, Trump kinda took his chances.

          8. The Federal Food, Drug, and Cosmetic Act (FFDCA) defines the term “drugs” to include, among other things, “articles intended for use in the diagnosis, cure, mitigation, treatment, or prevention of disease in man or other animals” and “articles (other than food) intended to affect the structure or any function of the body of man or other animals.”
            FDA does play a role in veterinary meds in the USA.

          9. If Trump were a regular schmo, he would have suffered at home (or even would still be waiting for a positive test) for 10-14 days before going to the hospital. My “regular schmo” 86 year old friend with COVID-19 last month waited 11 days to go to the ER (after DAYS of urging by his friends & relatives). Once there he got O2, an antibody infusion, and something like dexamethasone, was discharged about 2 days later. Your mileage may vary. Choose your hospital and doctors carefully.

          10. The virus just isn’t as bad as the media tried to portray it. And we have no idea what the real numbers of dead are because they’ve lied and distorted the totals so badly that it’s greatly inflated.

          11. Ben, I’m not arguing over what China did. What I’m disputing is the notion is that this is a fake or weak virus that TPTB took the opportunity to play up to control the masses. The virus is not weak and it is not weakening. It only looks weak because of masking and social distancing to cut down on viral load (or prevent infection altogether), and because of new treatments. Left unchecked, the virus might have killed ~10x the number of people that is has.

            Trump himself left the virus unchecked in his personal space, and now we see what happened. Trump didn’t beat this virus* because the virus was weak or because he was “strong.” Trump beat it because he received high quality and immediate medical care, including a cocktail of expensive and experimental drugs.

            I’m afraid his supporters will take this as a sign that they can throw off their masks (assuming they’re wearing one at all), and let themselves catch it, believing that they too can toss it off in a weekend, because the virus is weak they are “strong.” Yeah, it will be all fun and games until they realize that they aren’t going to receive the same care Trump did. They’ll stumble into the ER 6 days too late for Regeneron to work.

            —————
            *that’s assuming he actually beat the virus. That’s not yet certain.

          12. ‘TPTB took the opportunity to play up to control the masses’

            This undeniably happened and continues to happen. Recently California was reported to still not be doing elective medical procedures, where Arizona resumed them in April. Forget about yer weak or whatever. This was done for political purposes.

            ‘Political theater’ comment over mask from Pa. lawmaker stirs ire’

            ‘Josh Hogan, one of the founders of the local group Reopen Bucks County PA, said the video only confirmed an underlying insincerity among officials like Ullman and Wolf about the pandemic response. “At the end of the day it is what you hear … Wolf not only does it with his mask but he does it with the little hand sanitizer that they rub their hands up with at the beginning of every press conference,” Hogan said during a phone interview.

            “We know that it’s fake and it’s staged and now they’ve finally been given us that confirmation, so we’re actually pretty appreciative of that,” Hogan added.’

            https://www.buckscountycouriertimes.com/story/news/2020/09/30/face-mask-political-theater-comments-draw-online-backlash-ullman-wolf/3586692001/

          14. left the virus unchecked

            Yeah, I don’t see that either, but it is the narrative of the left. I think he went to work because it was essential, and that involved some measure of risk. He presented courage and encouragement, as if he was expendable but the American people are not. It’s no wonder the soldiers and police love him.

            His detractors hate the America I love.

      2. late in the game

        The lack of transparency claim circling in the media right now could backfire with respect to Biden’s health.

  20. Las Vegas Tops U.S. in Rise of Apartment Tenants Not Paying Rent • October 5, 2020
    bloomberg.com/news/articles/2020-10-05/las-vegas-tops-u-s-in-rise-of-apartment-tenants-not-paying-rent
    Website has limited number of views before you’re cut off. Funny, my freebees ended after two views instead of the five you’re allowed for the month.
    Rents (and all prices in general) continue to go up. Our lease is up at the end of February, four months short of six years here.

  22. ‘My industry is dead,’ said Peters, who worked in timeshare and bartending while in Hawaii.”

    I used to work at a ski resort where they sold timeshares. The timeshare salesmen left a slime trail in their wake. The females were even worse. They used to get drunk in the restaurant dining room after hours and brag about the marks they’d conned into signing on the dotted line.

    1. Gotta love the b-movies where a hottie is riding someone’s pony and whispering a scheme in his ear at the same time.

    2. The only time I ever got ripped off was by some gorgeous young grifter in a mall. I was in my early 20s and she walked up to me, all smiles and exuding sex appeal, and sold me a $20 subscription to Rolling Stone magazine. Of course I never got it.

  23. ‘You look at Craigslist every day, there’s no jobs,’ said Jalomo.”

    Who finds jobs on Craigslist?

    2. CL used to be great at finding gigs and part time work, . what cl is still good for apartment hunting, and finding free stuff when you get 50 responses and you are the only one with a car who can get it now!

      1. In my experience, “free” stuff is hard to get rid of. If you put it on the side of the road with a price on it, somebody will steal it and you’ll be rid of it.

  24. I have to get some sort of assistance.

    Do the Democrats have some kind of web portal where freeloaders can shop around to see which blue state or city offers the most generous benefits for doing nothing?

  25. ‘We have many things at play, like the election, COVID, and the rough homeless issue. It’s the perfect storm, and here we sit.’”

    Lori wisely doesn’t mention the biggest issue of all: Denver’s corrupt, incompetent Bolshevik “leadership” and its BLM-Antifa-SJW Red Guard auxiliaries.

    1. Makes one wonder how many of those businesses that moved downtown will do an about face a go back to the suburbs.

  26. ‘President Donald Trump on Monday evening left Walter Reed hospital in Maryland. Photos showed Trump’s motorcade leaving the facility at around 6:30 p.m. ET. The departure came several hours after Trump announced he would be leaving, while his doctors told a news conference that his condition has improved enough to allow him to return back to the White House.’

    ‘Before his departure, the president wrote he “will be back on the campaign trail soon.” When he left, Trump only told reporters: “Thank you very much.”

    ‘About 30 minutes later, Trump was seen at the White House, taking off his mask.’

    “He’s back,” White House physician Dr. Sean P. Conley said at a news conference earlier Monday. “The president has been a phenomenal patient since he has been here. “He has never pushed us beyond safe and reasonable practice,” he added.’

    https://www.theepochtimes.com/trump-leaves-walter-reed-hospital-returning-to-the-white-house_3527111.html?utm_source=news&utm_medium=email&utm_campaign=breaking

    1. If 74-year-old Trump leaves the hospital after only two days with no indicators of lasting health effects, and morbidly obese Chris Christy does about the same, then opening up the country seems like a no-brainer.

      1. “then opening up the country seems like a no-brainer.”

        I was going to say so did closing it but then I remembered the Corona Blitzkrieg that was launched on the country.

    2. “The president has been a phenomenal patient since he has been here. “He has never pushed us beyond safe and reasonable practice,” he added.’

      Real journalists had this take on it.

      Coronavirus update: Trump returns to White House, CDC says virus can travel more than six feet

      Anjalee Khemlani
      Mon, October 5, 2020, 2:26 PM EDT

      After returning, Trump removed his mask, a point that left health experts bewildered since has not yet been determined if the President is still infectious. In a video shared on Twitter afterwards, Trump reiterated a message from earlier in the day.

      Trump announced he would be leaving Walter Reed on Twitter, while also spreading what some experts say is a dangerous public health message.

      https://finance.yahoo.com/news/coronavirus-update-trumps-covid-19-timeline-treatments-sow-concern-regeneron-boosted-171018810.html

      1. CDC says virus can travel more than six feet

        After how many months? Does the CDC have any credibility left?

        1. The kind of person who believed there was an invisible 6 foot wall that the virus would not penetrate is the kind of mouthbreather who would vote for Dems and another shutdown.

          1. has not yet been determined if the President is still infectious That “determination” is most unlikely to be made, unless & until Trump’s medical staff does a viral cell culture on whatever stuff he is exhaling. Current testing equates + RNA of the virus with + infectivity with the virus — but these two findings are NOT the same.

  27. “A former Lockheed Martin Corp. CEO is selling a massive home along the Potomac River northeast of Fort Hunt for $60 million, the Wall Street Journal first reported.

    Former Marine general Smedley Butler was right: war is a racket, and a very lucrative one at that for the MIC profiteers.

  28. And now there are signs the tenant shortage has sent a price signal to the resale market, too.”

    Gosh, it’s almost like the bursting housing bubble is starting to topple more dominoes.

  29. ‘There’s no new tenants; we’re just recycling them from one unit to another. Some are taking advantage of the situation, to be honest with you.

    Greedy landlords have had tenants over a barrel for years. Now that it’s the landlord’s turn, I suspect a lot of vengeful tenants are going to bone and bone till they can bone no more.

      1. I hope they end up getting foreclosed on. Once those properties start coming out of foreclosure – and with the new owners cognizant that they could again be involuntarily forced by Uncle Sugar to provide free housing to deadbeats – the cost basis should be a lot lower, enabling more affordable rent. The speculative excesses need to be flushed out of the system, even if that means a lot of financially ruined housing speculators.

  30. “‘There’s the risk of losing the tenant and the property not selling … [and] I can’t find you another tenant.

    If there’s anything more schadenfreude-inducing than seeing a libtard reap what they voted, it’s seeing a greedy speculator getting their head handed to them.

      1. Agreed. The wailing and lamentations of Democrat landlords involuntarily providing months of free housing to deadbeats is music to my ears. Collectivism begins at home!

      1. Joshua King, who attacked three people, was released on a $1,500 bond.

        Welcome to anarcho-tyranny. It’s a safe bet that if you were to fight back in defense against this guy, and injure him, your bail would be much higher than $1500 and you would be charged with a much more grievous crime than he was.

  35. Hedging my bets that the free cheese ends next year and no more mortgage bail outs so prices drop and inventory can rise for deals in the future. It is rough for home buyers in California right now.

    1. Lots of pension funds are deeply invested in Real Estate thanks to the fed’s low interest rates. Maybe the bail-outs will be more direct, targeted at specific bag holders?

    2. Why buy a house when you can rent one for half the monthly cost?

      Mill Valley, CA Housing Prices Crater 21% YOY On Surging Housing Inventory And Plunging Rental Rates

      https://www.movoto.com/mill-valley-ca/market-trends/

      As one California broker conceded, “Sellers are more desperate by the day. Buyers know prices will be lower tomorrow so why not wait?”

  36. #KnowYour Narrative

    Biden suggests people were able to quarantine because ‘some Black woman was able to stack the grocery shelf’ in viral clip

    “And they say, ‘Well, why in the hell would you say that Biden? You just talked about all these difficulties.’ Well, I’ll tell you why. Because the American public, the blinders have been taken off,” Biden told the roundtable attendees. “They’ve all of a sudden seen a hell of a lot clearer. They’re saying, ‘Jeeze, the reason I was able to stay sequestered in my home is because some Black woman was able to stack the grocery shelf. Or a young Hispanic is out there, these dreamers are out there, 60,000 of them acting as first responders and nurses and docs.’ Or all of a sudden people are realizing, ‘My Lord, these people have done so much. Not just Black, White, across the board, have done so much for me. We can do this. We can get things done.’ And I think they’re ready.”

    https://www.foxnews.com/politics/biden-suggests-people-were-able-to-quarantine-because-some-black-woman-was-able-to-stack-the-grocery-shelf-in-viral-clip

  37. James Comey and Robert Mueller have Massive Clinton Foundation Problems

    James Comey is not an effective liar. He fooled only the gullible last week with his evasive testimony before the Senate Judiciary Committee. Previously, Robert Mueller was also not effective deterring the Trump Administration from uncovering significant, far-reaching crimes that the former F.B.I. Director “missed” from September 2001 through September 2013.

    For almost 18 years, Comey and Mueller have been covering for powerful Republicans and Democrats, letting serious crimes go unpunished. Many of these involved fake charities that operate internationally, including the Bill, Hillary & Chelsea Clinton Foundation.

    These are perfect conduits to trade donations for influence, especially for foreign governments who, in theory, are barred from investing in U.S. politicians.

    https://www.americanthinker.com/articles/2020/10/james_comey_and_robert_mueller_have_massive_clinton_foundation_problems.html

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