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There Is A Butterfly Effect Happening In The Wake Of These Rental Market Corrections

A report from Realtor.com. “Steve Mariucc is prepped to take a loss on his New York City apartment. The NFL Network analyst has put the Upper East Side condo on the market for $2,595,000. The offensive guru purchased the three-bedroom pad in 2015 for $3.2 million, so he’s going to be sacked for a loss on the sale price. The place came back to the market quickly after Mariucci, 64, acquired it, realtor.com® records show. The unit was listed in August 2016 for $3.8 million, which was dropped to $3.65 million in the fall. The price was finally chopped down once more at the end of the year, to $3.5 million.”

From Bisnow Washington DC. “D.C. Chief Financial Officer Jeffrey DeWitt released revised forecasts Wednesday that lowered the projected revenue for Fiscal Year 2021 by $212M from his April estimates. The prolonged restrictions on businesses and large gatherings are leading to decreasing economic activity that DeWitt expects to hurt the city’s revenues for years to come. Revenue is also shrinking in part because of the weak market for commercial property sales. DeWitt decreased the projected revenue from deed taxes by $93M for FY2021.”

“‘Multifamily and commercial property transactions are primarily for investment purposes and have been affected by the pandemic’s impact on incomes earned by owners of these properties (through increased vacancy rates and reduced rents), thus having a negative effect on investments and transactions,’ DeWitt wrote.”

The Lynden Tribune in Washington. “Another factor heating up Whatcom County’s housing market is the migration of buyers northward. ‘People are relocating from areas like Seattle, Portland and California,’ said Kena Greer Brashear, managing broker for Muljat Group Realtors. ‘I’ve helped several clients relocate from Seattle because they want to get out of the city.'”

From Seattle PI in Washington. “Seattle rent prices have been on the decline since the start of the pandemic in March. According to ApartmentList, Seattle had the third largest drop in rent prices since the start of the pandemic among the 100 largest cities across the country. Of the cities analyzed, 41 of them saw decreases in rent prices since March. Rent prices in Seattle were down 9.9% in September since March. Compared to the same time last year, rent prices in Seattle were down 8.8%. September marked the sixth straight month Seattle saw a drop in rent prices.”

“Many of the cities that saw the most significant declines in rent prices since the start of the pandemic were some of the most expensive cities for housing, including San Francisco and New York, which topped the list. ‘A handful of major cities are experiencing significant and rapid price reductions. San Francisco leads the pack with a decline of 17.8 percent since the start of the pandemic,’ the study said. ‘Though it remains the most expensive market in the country, San Francisco renters may now be able to find better deals than at any time in recent memory.'”

The San Francisco Examiner in California. “How things have changed. Last week, Zumper, the 8-year-old tech-forward successor to the apartment rental outfits that 20 years ago gave us printouts of available units and said ‘go,’ made a splash when it reported that the average rental for a one-bedroom apartment in San Francisco had declined 7 percent in the past month and 20 percent since August 2019. Rents have fallen in each of the past seven months and obviously, that’s not a coincidence.”

“As you likely know if you’ve visited a single news web site since March, COVID has pretty well punctured our urban bubble. Whether that puncture is a slow, patchable leak or the kind that sends us darting crazily around the room before collapsing in a heap on the ground is debatable. What’s not debatable is that right now there is a butterfly effect happening in the wake of these rental market ‘corrections.'”

“‘The thing is,’ a local agent told me last week, ‘with rents falling, a lot of landlords are just deciding to cut bait and get out. That’s one reason why there’s so many new condo listings.'”

The San Francisco Business Times in California.”While home prices in the Bay Area continue to hold and even gain value in the face of the pandemic’s economic onslaught, some choice properties owned by well-known individuals have not. These examples fly in the face of the current market trends, where overpricing is most common in the luxury and ultra-luxury home markets, Compass Chief Market Research Analyst Patrick Carlisle told me. Granted, he said, it can be very hard to figure out what someone — the archetypical high-tech billionaire always mentioned by sellers — might pay for a spectacular property with the golden glow of fame added. Still, that doesn’t mean someone will pay any price.”

“‘If these very expensive properties don’t sell relatively quickly, one often sees very large price reductions — that can be in the millions — and sometimes multiple price reductions over time,’ Carlisle said.”

“According to sales data from Redfin, a number of homes listed by high-profile owners that we’ve spotlighted in the San Francisco Business Times since 2019 have either sold or been re-listed at a lower price. Retired Golden State Warrior David West may have helped the team win a back-to-back NBA Championships in 2017 and 2018, but the local market hasn’t helped him sell his 5614 La Salle Ave. home in Oakland at the original listing price. The 5-bed, 5.5-bath property built in 2017 in the hills above Montclair Village listed in May for $3.67 million but has since taken a haircut down to $3.55 million.”

“Up in the North Bay, the sprawling Napa Valley ranch home came online in June 2019 for the first time. Listed for $19.95 million, the 40-acre vineyard ranch of the late Lamar Hunt and his wife Norma — located in Knights Valley just outside of Calistoga, complete with water rights. The property at 11080 Franz Valley Road is still on the market, now listed for more than $7 million less at $12 million.”

“Some homes listed by well-known personalities and business people over the past year have found their ways into the hands of new buyers, but at reduced prices as opposed to overbidding. Since the onset of the pandemic, former A’s General Manager Sandy Alderson listed his Belvedere-Tiburon home at 12 Midden Lane for $5.25 million in May. The home sold on July 28 for $4.6 million.”

“Metallica drummer Lars Ulrich listed his 13,000-square-foot mansion atop a view-studded Tiburon Hill in February 2019 for $12 million. The land at 11 Place Moulin is decked out with an aquarium, indoor basketball court, sauna, five fireplaces and sound studio situated on about two acres overlooking the entire San Francisco skyline, the Golden Gate Bridge and the bay. It sold in January 2020 for $10.3 million.”

From Nevada Business. “Touchstone Living’s new Mosaic community is a rare find at the right moment. From the Las Vegas builder who makes homeownership possible for those who thought it was out of their reach, Mosaic is changing the quality of life for former renters – one incredible home at a time. In this prime location on the south end of the Las Vegas Strip, Mosaic offers low payments and easy financing options.”

“‘Feedback has been overwhelmingly positive from visitors and buyers,’ according to Tom McCormick, President and Owner of Touchstone Living. ‘We’ve not only created stylish floorplans that include upscale features and digital connectivity today’s buyers want, but we’ve made Mosaic easily affordable with pricing that begins far below the current median price for Las Vegas homes.'”

“‘In today’s world,’ McCormick explains, ‘it can bring real peace of mind to start fresh in a brand-new home environment – one that’s never been lived in and where you can set your own rules. Hang a picture on the wall or redecorate to your heart’s content. Enjoy a long list of outdoor amenities that enhance your lifestyle and health (even your dog’s!). Mosaic is a great opportunity to start building your own home equity each month, not your landlord’s. With $0 Down Programs and historically low interest rates, it’s much more doable than many people realize.'”

This Post Has 125 Comments
  1. ‘If these very expensive properties don’t sell relatively quickly, one often sees very large price reductions — that can be in the millions — and sometimes multiple price reductions over time’

    Eat yer crowz Thornberg.

    ‘we’ve made Mosaic easily affordable with pricing that begins far below the current median price for Las Vegas homes’

    Annnd yer fooked.

    1. And is called…

      The “Not giving it away” syndrome.

      Soon to be followed by the “Chasing the market down” virus.

      1. “…Chasing the market down…”

        Perhaps the ‘ultra-wealthy’ aren’t really as ‘ultra-wealthy’ as the REIConplex has been (for years) leading us to believe.

        BTW, anybody seen any recent communiques from the REIConplex minister of information, Lawrence Yun?

        Calling Lawrence Yun. Calling Lawrence Yun. Must be getting a little dank and musty down in your concrete bunker?

        1. Perhaps the ‘ultra-wealthy’ aren’t really as ‘ultra-wealthy’ as the REIConplex has been (for years) leading us to believe.

          Quite likely that many have seen their income shrivel up. The ‘rona has certainly done a number on the entertainment industrial complex.

        2. My thought too after seeing so many million dollar plus properties come to market during the Plandemic. 3M for a 1200 square foot condo with 2k a month hoa fee and 15k+ a year in property taxes? That’s insane.

      1. “…Nothing like a “Sales Trailer”…”

        Map needs to be updated to include neighborhood meth lab locations.

  2. The offensive guru purchased the three-bedroom pad in 2015 for $3.2 million, so he’s going to be sacked for a loss on the sale price.

    Someone please kick the talentless REIC hack who wrote such sports mataphor dreck in the jimmies, por favor.

    1. Not to mention “getting sacked.” In fact, I had to look him up to learn he worked on coaching offense. I originally thought the article was describing him as being the verbal-abuse type of “offensive.” (FYI he played QB in college but wasn’t even good enough for the CFL.)

  3. ‘The thing is,’ a local agent told me last week, ‘with rents falling, a lot of landlords are just deciding to cut bait and get out. That’s one reason why there’s so many new condo listings’

    This shouldn’t be a problem. What’s a SF airbox cost, 10 or 20 thousand pesos?

    1. There is only one exit door when the fire starts in the theater. Everyone single file out and NO ONE PANIC! I SAID NO ONE PANIC!

  4. “‘Multifamily and commercial property transactions are primarily for investment purposes and have been affected by the pandemic’s impact on incomes earned by owners of these properties (through increased vacancy rates and reduced rents), thus having a negative effect on investments and transactions,’ DeWitt wrote.”

    Die, speculator scum.

  5. ‘As you likely know if you’ve visited a single news web site since March, COVID has pretty well punctured our urban bubble. Whether that puncture is a slow, patchable leak or the kind that sends us darting crazily around the room before collapsing in a heap on the ground is debatable’

    OK, so compare this to the red-hotcake horsesh$t the REIC trys to peddle every gotdam day.

      1. As long as housing prices continue cratering, all is well.

        God Bless President Donald J. Trump and God Bless America!

  6. ‘People are relocating from areas like Seattle, Portland and California,’ said Kena Greer Brashear, managing broker for Muljat Group Realtors. ‘I’ve helped several clients relocate from Seattle because they want to get out of the city.’”

    There seems to be a common denominator here, but I can’t put my finger on it. Maybe to stabilize housing prices, Portland voters should reject their current collectivist joke of a mayor, Ted Wheeler, and elect an honest-to-God, self-avowed Communist and Antifa member. That’ll fix this, by gum….

    1. I’m sure all those who will vote for the self avowed communist think their property won’t be confiscated and redistributed and that they’ll be able to keep the well paid corporate jobs under a communist regime.

      Also, I’m sure they want to defund the police, yet forget that the hallmark of a communist regime are secret police who come to haul you away in the middle of the night. The dreaded “midnight knock on the door”

      1. Also, I’m sure they want to defund the police, yet forget that the hallmark of a communist regime are secret police who come to haul you away in the middle of the night. The dreaded “midnight knock on the door”

        They think the midnight knockers (or no-knockers) are the ones they are defunding.

    2. People have been “escaping” to Whatcom County for years. The price of houses in Bellingham was through the roof and way above what local incomes can support long before COVID.

      1. And I totally expect it to continue, with the emphasis on growing the i-5 corridor and an influx of people from other states and countries looking for better climate and environment. I expect western WA to be under a lot of stress from growth in a decade or more.

          1. These profound forecasts of the obvious are priceless…… yet falling housing prices don’t seem to get noticed in spite of the fact theyre falling everywhere.

            … unless you’re reading The Housing Bubble Blog.

            Bellevue, WA Housing Prices Crater 25% YOY As Microsoft And Amazon Layoffs Ravage Western Washington

            https://www.movoto.com/bellevue-wa/market-trends/

            As one Seattle broker shared, “You better dump that house for whatever it will fetch.”

    3. Our mayor sure has her priorities straight…

      Mayor Durkan calls media criticisms about hiring ex-pimp ‘racist’

      Seattle Mayor Jenny Durkan says it’s “racist” for media members to criticize an ex-pimp and ally she recently gifted with a six-figure city contract.

      When you hire a former pimp who not only served time in jail, but was also tied to a 16-year-old runaway who the Daily Mail says was recruited, there will be questions and criticisms. This is normal.

      When you claim to be a feminist who cares deeply about protecting women, you should also expect to be called out

      1. What can one say when facing such utter lunacy? Has there ever been such a time in our nation’s history when our leaders were so utterly insane and the electorate kept electing them?

          1. My impression is that the majority of the surrounding cities don’t want any part of Seattle’s delusions, and would rather build a wall around it.

          2. would rather build a wall around it

            Absolutely.

            Then again, Bellevue did nothing to stop the looting when it crossed the bridge..instead spending time kneeling with the protestors. So, I’m not convinced that it’ll stay in Seattle, vs spread to more of western washington

          3. Then again, Bellevue did nothing to stop the looting when it crossed the bridge

            People flee the anarchy, then vote for more of the same in their new town. In another 20 years or so, there will few places left to run.

  7. An acquaintance who just closed on a house was justifying his purchase over the past weekend. “The way I look at it, I purchased a $250,000 house and a $300,000 lot,” is what he said. Inside, I was laughing. The mental gymnastics were stunning. I wanted to ask “how do you value a postage stamp of non-tillable dirt at $300,000?” but I just couldn’t.

    1. “I wanted to ask “how do you value a postage stamp of non-tillable dirt at $300,000?” but I just couldn’t.”

      The county assessor probably laughs out loud every day.

    2. “..how do you value a postage stamp of non-tillable dirt at $300,000..?”

      And someone else most certainly owns the mineral and water rights.

  8. Home price growth is expected to slow as greater availability of … homes are placed for sale in 2021. The HPI Forecast shows prices will start to downshift in early 2021, with annual U.S. HPI gains slowing to just 0.2% by Aug 2021 and many locations having a decline in prices.

    https://t.co/vmY6PIWrLz?amp=1

        1. Tulsa and Colorado Springs comesto mind. Also, many suburbs and exurbs are at least less liberal than the core city, and its citizens are more likely to fight back against a mob.

          1. I think distance from where poor people live is more effective than any suburban deterrence. A mob is going to more or less thin out with the square of the distance from its center.

          2. the square of the distance

            A gang however remains cohesive, moving from one low hanging fruit to the next. At least that’s how it plays out in the movies.

          3. I think distance from where poor people live is more effective than any suburban deterrence.

            BLM/Antifa was bused into Wolfe City, TX a few days ago. There they encountered many armed locals. They complained about “white supremacy” and got back on their buses and left.

            There’s nothing organic or spontaneous about the mob. It is painfully obvious that they are being directed.

          4. Wolfe City, TX

            Just google mapped this vibrant golden metropolis of white supremacy. It’s a town a hundred miles from Dallas, population 1500 and falling. The streets are barely paved. The only store is a Dollar General. The middle school looks like the school Beaver Cleaver went to. It’s another one of those towns where I wonder what people are doing there (meth?). I guess people are still there because their privileged rich white parents passed on their “generational wealth,” in the form of a $40K shack and $14K/year of social security.

            Who’s making the decisions as to where to send these peaceful protestors? And how did the “armed locals” find out about it? Did they get a tip from Russians spying on FB?

        2. A gang however remains cohesive

          Sure. I don’t expect rioters to thin out like a sound wave, I expect them to move like a gang. However, a gang is like a small army…the farther they get outside their own perimeter the more vulnerable they get. Once you get very far away from public transportation and dark alleys to hide in they become sitting ducks as soon as they threaten anybody.

    1. Andy Ngô

      “BLM rioters in Wauwatosa, Wisc. smash the windows of houses in a residential area. Video by
      @Julio_Rosas11”

      Moochelle Obama has this to say on the matter.
      :
      Michelle Obama calls Trump ‘racist’ for talking about riots, suburbs

      By Steven Nelson
      October 6, 2020

      Obama said in a 26-minute video touting Democratic candidate Joe Biden that Republicans are “stoking fears about black and brown Americans, lying about how minorities will destroy the suburbs, whipping up violence and intimidation. And they’re pinning it all on what’s been an overwhelmingly peaceful movement for racial solidarity.”

      She continued: “Research backs it up, only a tiny fraction of demonstrations have had any violence at all. So what the president is doing is once again patently false, it’s morally wrong. And yes, it is racist. But that doesn’t mean it won’t work.”

      https://nypost.com/2020/10/06/michelle-obama-calls-trump-racist-for-talking-about-riots-suburbs/

      1. “Research backs it up, only a tiny fraction of demonstrations have had any violence at all.”

        I believe Mike Pence would say….

        Moochelle, you’re entitled to your own opinion but not your own facts.

  9. ‘President Trump’s tweet Monday “Don’t be afraid of Covid” has invited more criticism that he’s again downplaying the virus…But scientists generally agree with his fundamental point that Americans need to learn to live with the virus.’

    ‘That’s also the message of a new declaration from scientists that the media are ignoring. Organized by Harvard’s Martin Kulldorff, Sunetra Gupta of Oxford and Stanford’s Jay Bhattacharya, the Great Barrington Declaration recommends that people be allowed to live normally while protecting the vulnerable. The authors are infectious-disease experts, and the statement by our deadline had been signed by more than 2,300 medical and health scientists and 2,500 practitioners, and counting.’

    ‘They describe their approach as “Focused Protection,” but it’s essentially what Sweden has done and even the World Health Organization is now recommending. Many European leaders including French President Emmanuel Macron are also slowly embracing it, though it still remains heresy on America’s left.’

    ‘The collateral damage from government lockdowns “include lower childhood vaccination rates, worsening cardiovascular disease outcomes, fewer cancer screenings and deteriorating mental health—leading to greater excess mortality in years to come, with the working class and younger members of society carrying the heaviest burden. Keeping students out of school is a grave injustice,” the declaration says. “Keeping these measures in place until a vaccine is available will cause irreparable damage, with the underprivileged disproportionately harmed.”

    ‘Reams of public-health data and medical literature agree. The Centers for Disease Control and Prevention estimates that there have been 93,814 non-Covid “excess deaths” this year, including 42,427 from cardiovascular conditions, 10,686 from diabetes and 3,646 from cancer. Many are due to government shutdowns of non-essential medical care.’

    ‘Public-health surveys also show depression levels, substance abuse and drug overdoses have spiked amid rising unemployment. A quarter of 18- to 24-year-olds in June said they had increased substance use to cope with the pandemic.’

    ‘Pediatricians have reported a worrying rise in child abuse and accidental injuries from school closures, which have also resulted in stunted learning and emotional growth. A new Stanford study finds that students across 19 states in the spring lost from 57 to 183 days of learning in reading and 136 to 232 days of learning in math.’

    ‘As the Great Barrington authors explain, “vulnerability to death from COVID-19 is more than a thousand-fold higher in the old and infirm than the young. Indeed, for children, COVID-19 is less dangerous than many other harms, including influenza.” Sixty-seven children under age 15 in the U.S have died from Covid-19.’

    “Our goal should therefore be to minimize mortality and social harm until we reach herd immunity,” they write. That means protecting the elderly and high-risk individuals—for instance, frequent testing of nursing-home staff—but also reopening schools, colleges, restaurants and businesses with reasonable precautions.’

    ‘The shame is that Covid has become so politicized that the calm reasoning of the Great Barrington scientists is drowned out by the fear and loathing of those who want to blame Donald Trump for every new infection. But it is the best advice for how we should cope with Covid.’

    https://www.wsj.com/articles/trump-covid-and-reason-11602026102

      1. By the way, I’d like to see somebody propose a freeze on pay for politicians until the entire economy is opened back up. Put your money where your mouth is, commies.

      2. Are you offering a job?

        Remember the pandemic just accelerated the collapse of our unsustainable, debt-driven economy that was bound to happen anyway.

        Because late Boomers and Gen X were left poor than the preceding generations by those generations, didn’t live that way, and will be retiring into poverty.

        And Millennials are even poorer, and have been living that way for the most part. Now the Starbucks lattes will be gone too.

        1. the collapse of our unsustainable, debt-driven economy that was bound to happen anyway James Kunstler years ago called this inevitable collapse, “The Long Emergency”.

      3. “Ignore the bed wetters. We need to get everybody back to work.”

        The Michigan Supreme Court ruled against Michigan’s Governor Eva Braun’s Ironhanded lock down orders this week.

    1. What bothers me is that now all the attention is on Trump’s Regeneron, which can only be given by IV in hospital. For $$$, of course. Which means more months of *no* medications for the people at home. Yeah yeah, 99.8% survival rate, I get it. But if you really want people to get back to work, then you want them mobile and virus-free quicker than 3 weeks (longhaulers are out of commission even longer).

      We need cheap oral drugs. Luckily there are a couple which I’ve mentioned. And the researchers are being very careful about their RCT studies, so the FDA can’t deny them on the quality of study.

      1. Thanks but no thanks. If we want overly dramatic quackery, we’ll head over to huffington post.

    2. Sixty-seven children under age 15 in the U.S have died from Covid-19.’ Data on this is spotty and hard to find even on the CDC website. I checked it about 2 weeks ago, turns out the TOTAL number of COVID-19 deaths in people under age 18 was 125 then, compared to about 180 in the same group who have died from influenza this season (last fall to about the time I checked).
      The wunnerful state of New York is the exception -it has not reported deaths in the <18 y.o. group, by declining to issue the stats. I believe NYC does issue them.o
      Also read an article last night about the fact the COVID-19 has had very little effect on Africa so far. The article didn't mention excess deaths in Africa, the key statistic for epidemiology research, though. Article did mention that the median age in Africa is 19. Those over 65 are a very small portion of the African population compared to the rest of the world. If almost half of all Africans have a negligible chance of dying from COVID-19 (as is the case in the USA), that would explain a lot of the discrepancy.

      1. There’s a theory that higher risk of death can be attributed to a few base pairs of Neanderthal DNA, which, of course, does not appear in Sub-Saharan Africa. Evidently the genes don’t influence the infection rate, just the death rate.

        But this theory does NOT explain why Black Americans seem so susceptible… 🤔

  10. “The NFL Network analyst has put the Upper East Side condo on the market for $2,595,000. The offensive guru purchased the three-bedroom pad in 2015 for $3.2 million, so he’s going to be sacked for a loss on the sale price. The place came back to the market quickly after Mariucci, 64, acquired it, realtor.com® records show. The unit was listed in August 2016 for $3.8 million, which was dropped to $3.65 million in the fall. The price was finally chopped down once more at the end of the year, to $3.5 million.”

    Why would he buy a place for $3.2 million in 2015 only to try to sell the very next year for $600,000 more? Seems totally insane.

    Instead of pocketing hundred of thousands of dollars in unearned Yellen bux, he’s getting an education in life’s dear school for fools on sale by Dutch auction.

    1. I like him more as the former 49ers head coach than a real estate flipper. Note he has additional properties for sale too. Must have attended the Nicholas Cage’s Real Estate Investment course.

  11. Are you a home owner and suffer from the occasional bout of constipation?

    Have I got a solution for you.

    Go ahead and take a look at how much housing prices are falling. You won’t stop shitting for a week.

    1. Are you a home owner and suffer from the occasional bout of constipation?

      I just got a very strange look when I was LOLing
      about your comment!

  12. ‘I own a rental property in SM. It is the income from this property that funds our lives and our community activity. I don’t like short-term rentals. There is wear and tear on the building during move in and move out. I never seek short-term rentals out, but, occasionally while advertising for long term rentals, I have been offered short-term rentals and have taken them. This new ordinance cuts off this potential revenue stream to me.’

    ‘As a rental property owner, I find the recently passed minimum lease term ordinance particularly galling. I was late to the party on this issue because of the pandemic. This ordinance passed under my radar.’

    ‘If the SM City Council wants to address a housing issue in Santa Monica, then the City of Santa Monica should fund the remedies City Council comes up with. It is unfair for the Council to put the remedy and the cost of the remedy on property owners.’

    ‘I would like to offer some amendments to the recently passed ordinance. First, I think seniors need to be exempt from this law. Now that we are in the so called “golden years”, we don’t need any impediment on our ability to fund our life. Seniors get to take the tax basis of their home to another house. Seniors get a pass to park in the beach lots. Seniors should be exempt from this ordinance. I have worked long and hard to acquire the property we have. Don’t penalize us for not throwing away our money in the past, but rather investing it in rental property.’

    ‘Second, ‘the carrot and the stick’ approach. City Council is hitting the property owners with a ‘stick’ of potential fines and jail term for short term rentals. (What a load of crap. Six months in jail for renting a furnished property! We cannot even jail the real criminals in this city.) Rather than ‘the stick’, why not offer the property owners ‘a carrot’ of an exemption for existing owners of three or less short-term rentals.’

    ‘I understand the logic in making it illegal for large companies to empty their properties of long established tenants to rent short term for the summer. That said, there are numerous people that live on or near the beach that depend on the income from their short-term summer rentals to live. I know a widow that goes to the east coast every summer and rents her house out short term. She depends on this income to live. This ordinance deprives her of the money which she depends on to live. This is a bad ordinance.’

    ‘I took the risk to purchase my property. I paid for the renovation of my property. I pay the mortgage for my property. I pay the insurance for my property. I pay the taxes on my property. I do not need an impediment from the Santa Monica City Council in my making a decent return on my property.’

    https://www.smdp.com/your-column-here-rental-problems/197292

    1. ‘To the editor: Day after day the L.A. Times reports on how badly different industries are doing. Now it’s movie theaters, recently it was bookstores, and last week it was the Walt Disney Co. having to lay off 28,000 employees largely because Disneyland is still closed. Yet somehow, the L.A. Times Editorial Board endorsed Proposition 15, which will increase property taxes on commercial real estate.’

      ‘If rent is not being paid, where is the money to pay the mortgage, insurance and property taxes going to come from? With the glut of restaurant, office and retail space getting larger, foreclosures are right around the corner.’

      https://www.latimes.com/opinion/story/2020-10-07/landlords-charge-market-rents-without-paying-market-taxes-prop-15-fixes-that

      1. I wonder what the combined property tax bill is for Disney’s Anaheim properties. Or how much other tax (sales, hotel taxes, etc.) Disney and the army of hotels and restaurants in the area used to generate was.

        Of course his Newsomness doesn’t care, just as he doesn’t care about black outs and how they contradict his 2035 mandate for all electric cars. What’s scary about this is that he could possibly be president some day, with AOC as his Secretary of Energy.

          1. It might make sense to install solar panels with battery backup, because if he and his ilk take power (remember, when they win, Democrats are “in power”. When Republicans win, they’re “in office”) rolling blackouts will be the norm from coast to coast.

        1. I think people predicting UBI being on the table are correct but the money wont come from the fed, it will come from the cabal of deranged hook nosed marxist billionaires who made their bones via fraud that was funded surreptitiously via china. Think of the guy from wework, or zuckerpig, bloomberg, steyer, etc. China has a vested interest in trying to crush this country and funding our demise via 1K a month/person funneled through the cabal to keep people in their homes all day playing xbox is probably a reasonable strategy that will get plenty of takers. Half that money will get recycled back into their sh!t products too. Essentially its “buying” a zombie army. Look around, its already been done with most blacks and a fair amount of hispanics and white trash, not to mention the existing defacto zombie army of homeless infecting this country and all the “non profits” that are essentially cabal anointed grifters that draw fat salaries to nurture and grow the homeless population as it destroys vast numbers of our cities.

        2. How are they possibly going to have the electricity for the Ecars if they can’t even keep the power on??

          Which is dumbest, CA (Newson), Seattle(The Pimp/ Durkins) or Portland(Wheeler or the Communist)

          I can’t decide.

    2. “I know I am not the only rental property owner in Santa Monica that is upset about this ordinance. A lot of Santa Monica property owners have gone through the agony of construction to build ADUs on their property. Now comes the Santa Monica City Council to tell them that they cannot rent their new ADU short term. Well done City Council. The drum beat to ‘vote them all out’ gets louder and louder.”

      FWIW: ADUs are small residences that are built on the same lot as another home; think mother-in-law quarters.

      1. Why would this Country want Obamacare .

        Obamacare was a Commie plan to have a overpriced price fixing Medical Monopoly where people where charged based on their income and not their health risk.
        So not only were people forced to pay for services they weren’t going to use, but if you were young with low risk but high income you had to pay high premiums to make up for someone paying nothing .
        It’s like the Medical Cartel saying we want about 13 thousand per head per year, in spite of this being about 50% more than other European Nation’s. Nothing was done to lower costs, in fact the costs went up.
        Out of 350 million we are going to change so the 20 million who can’t afford health care get covered. Many of these poor were already being covered by Medicaid, or other forms of provisions like they always did going back.
        Wouldn’t it be easier to just provide a service for these 20 million they always talk about being some kind of welfare health program . And the other question is should ilegals be included. The real truth is ilegals have been getting health services for years and years.

        Again, Medicare for all would be the Government propping up price gouging and the Government raising taxes to pay for it.
        As you know , whatever the government touches creates price increases in that area.
        There are better ways to solve the looting by industry getting in bed with a corrupt Government.
        The markets are rigged right now, and in large part based on the Government interference that has corrupted free market capitalism.

        These clowns can’t even come close to talking about the real issues.

        1. Yeah, whenever someone touted how great zerocare was to me, I asked them which plan they used and how much they saved compared to pre zero care. Not one of those fools ever used it, they had the cadillac plans fully paid for by their employers. Its kind of like the climate change clowns, they never have any science background and when you ask them to give a few observable examples they choke. The covid karens are in that same crew, mindlessly parroting how everyone is dying. I asked a friend of mine in the medical field who is only partially karen to give me a half dozen examples of famous people under 60 who died from the china flu. He had to repeat my query about half a dozen times to try and jog his brain but it still came up empty.

          He was a contractor the last part of his career and can give an earful about zero care and how little he gets for the large amounts they charge, so thats why I call him a partial karen.

    3. “First, I think seniors need to be exempt from this law. Now that we are in the so called “golden years”, we don’t need any impediment on our ability to fund our life.”

      Entitlement. Why don’t we let seniors break other laws while we’re at it. They could subsidize their fixed incomes with drug dealing for example.

    4. “‘I would like to offer some amendments to the recently passed ordinance. First, I think seniors need to be exempt from this law. Now that we are in the so called “golden years”, we don’t need any impediment on our ability to fund our life. Seniors get to take the tax basis of their home to another house. Seniors get a pass to park in the beach lots. Seniors should be exempt from this ordinance.”

      She would also like a pony, ridden by a purple midget carrying a tray upon which a stands a minature unicorn with a tiny ruby apple in its mouth. She’s earned it.

  13. ‘Neighbors living along a portion of North Seattle’s Jackson Park Trail say they’ve been dealing with noxious smoke along with loud pounding and grinding noises overnight from a metal shop set up near their condo complex.’

    ‘But this “metal shop” was apparently constructed with wood and tarps in the middle of a homeless encampment built along the trail. Ed Peterson pointed out the structure on the trail which is owned and maintained by the city of Seattle Parks Department.’

    “Nighttime is when they all come in,” Peterson said. “That’s when the grinding wheel starts, the metal shop starts and motorcycles are running up and down the trail.”

    “Last night I was awakened by some hammering noises in that metal shop,” said Derrick Weathersby, who lives in the complex looking over the trail. “And this noise will go on until five in the morning. It was very concerning to hear what I thought were gunshot sounds. This has happened on many occasions.”

    “The Seattle City Council eliminated funding for the Navigation team. This means that City-conducted outreach to people at unauthorized encampments, including shelter referrals and removals of unauthorized encampments that pose public health and safety risks, is suspended.”

    ‘That explains Ed Peterson’s unsuccessful attempts to get help. “The city won’t do a thing about it,” he said. “You tell them there’s a nursery over there with preschool kids being exposed to this smoke and they don’t do a damn thing!”

    “I know the city doing nothing is unacceptable,” Weathersby said. “I’m a bleeding heart, but the council has to address this to take care of the working people who live here and also help these people.”

    https://www.kiro7.com/news/local/north-seattle-neighbors-complain-about-smoke-noise-metal-shop-constructed-homeless-encampment/2BIIZIYZ2FGFXLKEIJOD67A3VY/

    1. “I know the city doing nothing is unacceptable,” Weathersby said. “I’m a bleeding heart, but the council has to address this to take care of the working people who live here and also help these people.”

      They just don’t want to understand that they’re getting what they voted for, and hard. And of course the solution is to vote in even more radical candidates.

        1. The loonies are out across the spectrum. Note this isn’t Twitter.

          https://www.jsonline.com/story/news/crime/2020/10/08/plot-kidnap-michigan-governor-involved-bringing-her-wisconsin/5924190002/

          “Federal agents say several men charged with plotting to kidnap Michigan Gov. Gretchen Whitmer planned to bring her to a site in Wisconsin where they would try her for treason.”

          And not even for a justified reason: Whitmer’s advocacy of eliminating the state income tax on retirement income, even those now retired are so much richer than the later-born generations they screwed over.

          I’m disappointed by the extent of ridiculous political tribalism, from both sides, I’ve observed on blogs I’m long followed for some good sense. One has to look across the Atlantic ocean for a discussion of anything real. You want to know who we ought to be pissed at in reality, read this — true of the U.S. too, in spades.

          https://www.if.org.uk/2020/10/01/pandemic-testing-intergenerational-solidarity/

          “The fact is that despite the narrative of a nation coming together through shared suffering, people’s experiences of lockdown have varied dramatically, with young people coming out on the bottom precisely because of the accumulative impact of years of intergenerationally unjust public policy in employment, housing and healthcare.”

          “And indeed, as Gabriel Winant has argued (in his article “Chronopolitics: The young are trying to save the old”), “these generational burdens are piling up further as joblessness, homelessness, and indebtedness take their toll most of all on them – a toll that will be all the more powerful the more care we take to meet what is our real ethical and epidemiological obligation to our elders [my italics].”

          “Against this background of intergenerational injustice, it is of little surprise that the government has failed to articulate a positive message for young people to take their intergenerational civic obligations seriously, and have instead fallen back on the rather narrow and flat demand to “not kill your gran”.

          “What is required now to get young people invested in what is quite literally the health of the nation is a radical vision for how we can reverse their marginalisation and what the Italian philosopher and activist Franco “Bifo” Berardi refers to as the “slow cancellation of the future”.

          “At an ever-quickening pace, young people are seeing their futures gradually stripped away as job opportunities dry up, and the possibility of enjoying a standard of living similar to their parents is being foreclosed.”

          “All this while we sleepwalk impotently toward environmental oblivion, and increasingly atomised communities and workplaces intensify what Bifo refers to as the “psychic frailty produced by precariousness, competition and loneliness”.

          “These problems will only deepen when we face the inevitable question of how to pay for the crisis. As sociologist Gøsta Esping-Andersen observed back in 1999, “A new, asymmetric ‘chrono-politics’ appears to be displacing the old political frontlines when it comes to welfare state support. Not only is the median voter aging, but as the necessity of financial cuts mounts, the need for trade-offs mounts.”

          1. Get back with us when there are mobs of “white supremacists” committing arson, looting and rioting.

            Remember when all those armed folks descended on Richmond to protest? The leftist media soiled itself, yet that protest was peaceful.

            Anyway, when the BLM/Antifa rioters come for you in your progressive city, don’t forget to tell them that you’re on their side.

          2. I never said tribalism was all one one side. I was K. Harris’s whole campaign. None of our leaders over age 70 are talking about anything real.

          3. Is Russia collusion a real thing?

            Does paying for and using bogus information from a man the FBI suspected was an actual Russian spy count?

          4. Federal agents say several men charged with plotting to kidnap Michigan Gov. Gretchen Whitmer

            https://twitter.com/robbystarbuck/status/1314267058339819520: “This is a video of Brandon Caserta, one of the ringleaders of the group of men arrested for a plot where the group planned to kidnap Governor Gretchen Whitmer. Caserta has an anarchist flag behind him and in YouTube videos trashes police. He’s not a Republican, he’s an anarchist.”

          5. “Federal agents say several men charged with plotting to kidnap Michigan Gov. Gretchen Whitmer planned to bring her to a site in Wisconsin where they would try her for treason.”

            Not shockingly this False Flag comes a few days after…

            Michigan Supreme Court rules against Whitmer on emergency powers but effect unclear

            Dave Boucher and Todd Spangler
            Detroit Free Press
            Oct. 2, 2020

            The Michigan Supreme Court issued a split decision late Friday that ruled against Gov. Gretchen Whitmer in a battle over her power to extend emergency declarations used to mandate COVID-19 restrictions over the last five months.

            The court’s opinion throws into question dozens of orders issued by Whitmer related to the coronavirus pandemic, appearing to void them. At the same time, however, since the decision came as a response to questions submitted to the court by a federal judge — and not as part of a state case before it — it wasn’t immediately clear what would happen next or when it would take effect.

            Whitmer issued a statement denouncing the decision.

            “Today’s Supreme Court ruling, handed down by a narrow majority of Republican justices, is deeply disappointing, and I vehemently disagree with the court’s interpretation of the Michigan Constitution,” she said. “Right now, every state and the federal government have some form of declared emergency. With this decision, Michigan will become the sole outlier at a time when the Upper Peninsula is experiencing rates of COVID infection not seen in our state since April.”

            But there seemed little argument that the court had effectively stripped Whitmer of authority she insisted she had to respond to the crisis. “My opinion would be that it’s binding. Because it’s not a Michigan (state court) case there aren’t going to be any injunctions or the like. But it is a decision of the Michigan Supreme Court,” said Wayne State University Law School professor Robert Sedler. “The existing stay-at-home orders would not be valid… This is going to have quite an impact.”

            https://www.freep.com/story/news/politics/2020/10/02/michigan-supreme-court-rules-against-whitmer-emergency-powers/3596332001/

      1. 2020 looks like an unrestored 944

        Hahah. 924 maybe. I’m thinking more like a rusty green Chevy Citation on a gray snowy day in Youngstown, OH in the mid 80s.

        Hadn’t heard that song in a long time…

    1. I’m pretty sure I never heard that before. For me, 1986 felt like a white shirt and tie and a white hard hat, pickup truck and country music, nights and weekends farming and raising rugrats.

      1. For me it was cruising main to VH 5150 like I was still in high school, slowly failing Calc II and trying to figure out what to do with my life. By January I was in basic training soaking up Reagan buildup dollars.

          1. I remember AP calc in high school. When we were in the classroom it all seemed perfectly clear. Once we left the room it all went blank.

            Taylor Series was Calc 3 for me. (Derivation, Integration, Sequence/series/flux, Diff E Q.. ) And yeah, I didn’t do great in that either.

        1. I still remember laughing with friends outside following our first exam with The Chain Rule from pre-calculus; talk about large white eyes exiting the classroom! You needed to rotate the worksheet to the long edge so that the algebra would fit. It was the hazing designed to separate the chaff from the wheat.

      2. In 1986 I was a 26 year old construction worker living in West Palm Beach. I got married too young, played house for a couple of years, divorced and by 1986 was in the middle of a four year run of pretty girls, late night bars and substances that the police would ask me if I had in the car after they profiled me and pulled me over. Those years I burned the candle at both ends until I ended up at a rehab in 1988 where I luckily got straightened out and went on to live a productive life that included raising three kids, coaching youth sports for 9 years, running a business for 29 years and a 27 year marriage with the mother of my kids that would also be 29 years if my wife had not passed.

        But still, every once in a while a memory from circa 1986 creeps back into my mind all I can do is smile.

        1. But still, every once in a while a memory from circa 1986 creeps back into my mind all I can do is smile.

          Yeah, it was a different world if you were young and didn’t know what TPTB were up to. I miss it sometimes, but I realize part of the reason the “good old days” seemed better were just due to youthful ignorance :-).

          1. the “good old days” seemed better when I had a shorter list of dumb things I had done and a much longer expected life span to do better things.

    2. Geez, flashback city, that tune is. I was just starting to learn how to do unspeakable things to unsavory characters back in that year. Oh, and complex math for multi-phase AC circuits, since there seems to be some flexing of math skills…

    3. I remember the song well….

      From the comments: “One has to be from LA, or lived there in that ” scene”; the paranoia filled glitzy coke addled 80’s to really get the mood, topics, atmosphere of the ersatz BS : re: Bret E. Ellis et al. It seemed cool at the time but it REALLY WASN’T”

      It really wasn’t indeed.

      1. It seemed cool at the time but it REALLY WASN’T

        It looked cool from a distance…all the kids out in the country just seeing it through movies and tv. MTV and John Hughes movies in particular.

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