thehousingbubble@gmail.com
Blog

The Real-Estate Market Is Awashed With Supply

A report from the Commercial Observer. “New York is going to need a long time to recover from 2020. Exhibit 1: Givenchy and its parent company LVMH just paid a whopping $24.5 million to not finish their leaseat Jeff Sutton’s 747 Madison Avenue. That’s how bad retail has gotten along Madison Avenue. It’s worth taking a $24.5 million hit and leaving in 2022, rather than waiting around until 2029.”

“Exhibit 2: While room rates have been spiraling down and vacancy rates exploding, there is a cold war between hotel owners and hotel workers that has been ongoing since COVID-19 struck. This can’t be good for an industry that has been closing hotels left and right. Exhibit 3: Sublease space is exploding. According to a recent report by Savills, there is some nine million square feet of available sublease space in Manhattan. This will mean a lot of downward pressure on asking rents.”

“And some have put real capital down on a recovery. ‘We’ve put a lot of money to work since the pandemic hit — over $1 billion,’ Starwood Capital Group’s Barry Sternlicht told Commercial Observer this week. ‘We’ve bought some CMBS securities, we’ve bought some bonds at a discount, stuff we’d be happy owning the assets if they defaulted. We took some stock positions in the pandemic, in stocks we thought were super cheap, and we cont”inue to hold most of those positions because we know there will be a recovery one day.'”

From Bisnow on Massachusetts. “As Millennium Partners’ billion-dollar Winthrop Center rises, the future of the firm’s planned 350-foot affordable housing tower in Boston’s Chinatown is in doubt. Millennium originally pledged $48M to a city fund geared toward affordable housing in exchange for added density to build its luxury condo tower in the Financial District. But in July, after construction stalled, the developer went before the Boston Planning and Development Agency and asked to reduce the size of the tower and switch plans from condos to rental apartments.”

The Miami Herald in Florida. “The Related Group is best-known for its luxury and market-rate condo towers, with an estimated 80,000 condos built, the bulk of them in Miami-Dade. But with a glut of unsold condos dragging down that market, the company is shifting gears and invested $2.3 billion for a wave of apartment rental buildings — both affordable and market-rate — in Miami-Dade and cities such as Tampa, Orlando, and Fort Myers.”

“This year alone, the company has delivered 3,053 market-rate and 719 affordable/mixed income rentals in Lantana, Palm Beach and Orlando, including another 204 units in the ongoing $300 million Liberty Square renovation project. Because of the glut of apartment rentals built over the last couple of years in the downtown urban core — nearly 6,000 units since 2014, according to the Downtown Development Authority — Related is steering clear of that area except for one project: The first of three planned towers at 444 Brickell, a four-acre site the company bought in 2013 for $104 million, will be a 40-45 story tower with 500 apartment rentals.”

“‘One of the things that’s happening in this marketplace is that while people are more reluctant to purchase a condo in a high-rise, they don’t seem to be that afraid of renting in a high-rise,’ said Bruce M. Goldstein, CEO of the Fort Lauderdale-based BMGA real estate development and brokerage firm. ‘Maybe it’s less of a commitment. But rental projects around the country are very buoyant. While the focus for most developers is new condos, most of them that I know are talking about how many unsold units they have.'”

The Colorado Real Estate Journal. “Apartment development in downtown Denver and adjacent neighborhoods is positioned to place upward pressure on vacancy in the coming quarters. Of the more than 4,000 rentals slated for second-half delivery metrowide, nearly 50% are in downtown/Highlands/Lincoln Park or Five Points/Capitol Hill/Cherry Creek submarkets that each registered triple-digit basis-point increases in vacancy during the second quarter.”

From Bisnow San Francisco on California. “Curtis Development principal Charmaine Curtis. But she said the risk of market-rate development slowing and impact fees disappearing could hamper how much funding the city has to give once funds from sources like 2018’s Proposition C are exhausted.”

“‘The reality is that the city is not collecting a ton of money right now for affordable housing fees,’ Curtis said. ‘With rents having decelerated as much as they have, I just don’t see how there’s going to be a lot of market-rate development of rental housing, or even condos, occurring, with vacancy rates where they are, in the next couple of years at least.'”

From SF Weekly in California. “San Francisco’s notoriously high rents have dropped precipitously over the course of the pandemic, so it’s no surprise to learn that in October, they dipped again. The coming months will tell whether more people coming to work downtown will put an end to the city’s rental market ‘free fall.'”

From Socket Site in California. “Completely remodeled in 2016, the ‘spectacular Noe Valley home’ at 725 Duncan Street, which features ‘stunning Downtown, Bay, and Bridge views, paired with dramatic modern architecture and design,’ sold for $4.1 million in January of 2017. The modern 3,200-square-foot home was then further upgraded. And in June of 2018, the upgraded home returned to the market listed for $4.25 million and re-sold for $4.1 million, representing total appreciation of 0.0 percent since January of 2017 (not accounting for the six-figure cost of the aforementioned upgrades and despite the fact that the ‘median sale price’ in San Francisco was ‘up 29.7 percent!’ overt the same period of time).”

The Georgian Straight in Canada. “In its latest housing report, RBC Economics noted that the real-estate market is awashed with condo supply. According to economist Robert Hogue, ‘condo investors are looking to sell.’ ‘As rents soften and vacancies rise, condo listings are spiking in Toronto, Montreal and Vancouver—albeit from low levels,’ Hogue reported. Meanwhile, ‘Tight downtown condo markets that previously commanded expensive rents are now thick with supply.'”

“Hogue also stated that ‘rent is now declining in Toronto, Montreal and Vancouver, especially in higher density, downtown locations.’ ‘Underlying the shift,’ according to the bank economist is a ‘surge in rental supply as the short-term rental business dries up and new purpose-built rental and condo units are completed.'”

From Yahoo News on Canada. “In less than a year, bidding wars among tenants have been replaced by landlords offering incentives just to fill their units. While immigration is down, a flood of new condos have come up for occupancy, many of them owned by investors who now hold about a third of Toronto’s rentals. Some downtown area rents were down by nearly 17 per cent year over year, reported Urbanation.”

“‘The current level of supply, particularly downtown, would suggest there are further declines in rents that are going to come,’ said Urbanation president Shaun Hildebrand. There are about 5,000 purpose-built rental units expected to be completed next year, the highest number in 25 years, said Hildebrand. Most years, that number would be about 1,000.”

“For the moment, some tenants are getting a break after a very tough market, said real estate broker John Pasalis. ‘A lot of tenants are asking for rent reductions because they’re seeing what (other) units are renting for in their building, so they talk to the landlord and say, ‘Listen, cut my rent by $300 or I’m just going to move three floors up’ he said.”

“Competition for tenants is most severe downtown, said Simeon Papailias of Royal LePage Signature Realty, who manages 80 downtown rentals. COVID-19 has changed the services and workplaces that are operating in-person. ‘Nobody can rent their buildings — there are no students, the restaurants are closed and supporting staff have moved away,’ he said.”

The Globe and Mail. “Canada’s job market is recovering slowly from high unemployment numbers caused by the onset of the pandemic, but for these workers and hundreds of thousands like them, the recovery can’t pick up quickly enough. Steve Hardy, 57, Calgary – ‘I’m a petrographer, so that’s someone who looks at drill cuttings and core for oil and gas exploration, and I’ve been doing it for about 30 years. The third week in March, I got the call saying, ‘We’re letting you go.’ I started looking for work right away. But the job pool is quite slim here in Calgary. I ended up applying to be a school bus driver, and I’m working for them now on a part-time basis.'”

“‘It’s tough when you’re making three digits, and you’re down to two. It’s tough on the family. My wife is working, thank God. We’ve got two kids, one in university and one in high school. We’re scraping by. We have food on the table. We deferred our mortgage payments, but we are selling our house to downsize.'”

Related Posts
This Post Has 125 Comments

  1. ‘Listen, cut my rent by $300 or I’m just going to move three floors up’

    That’s the spirit!

    Is awashed a word? Fudge it, we just made a new one.

    1. ‘Listen, cut my rent by $300 or I’m just going to move three floors up’

      C’mon man -FB landlord

    2. ‘Listen, cut my rent by $300 or I’m just going to move three floors up’

      These sorts of nuggets warm my heart.

  2. ‘representing total appreciation of 0.0 percent since January of 2017 (not accounting for the six-figure cost of the aforementioned upgrades and despite the fact that the ‘median sale price’ in San Francisco was ‘up 29.7 percent!’ overt the same period of time)’

    The REIC is full of lying liars who would sell their grannies for one more month of commissions. Then they’ll turn on the “greedy sellers” and point out prices aren’t up, it’s crater! like the SF Chronicle reported the other day.

  3. ‘While room rates have been spiraling down and vacancy rates exploding, there is a cold war between hotel owners and hotel workers that has been ongoing since COVID-19 struck. This can’t be good for an industry that has been closing hotels left and right’

    Where’s Larry the sword catcher?

    ‘We’ve bought some CMBS securities, we’ve bought some bonds at a discount, stuff we’d be happy owning the assets if they defaulted’

    These debt funds have been operating in NYC and Miami for years. You can’t expect the media to tell you the bubble has popped.

    1. “We’ve bought some bonds at a discount, stuff we’d be happy owning the assets if they defaulted.”

      I’m not in a position to buy bonds and individual assets. But that’s the way to do it. Debt is the new equity — unless EVERYTHING gets bailed out.

      2. with interest rates this low, you are not going to make anything on the bonds for the risk you take. plus, once the interest rates go back up, the principal will be crushed.

  4. ‘in July, after construction stalled, the developer went before the Boston Planning and Development Agency and asked to reduce the size of the tower and switch plans from condos to rental apartments’

    Certain things stand out to me over time. One of them was back in 2005, IIRC, when I found a report in an obscure Miami newspaper about a condo reverting. That is, it had been apartments, developers started to switch to condos, and reversed back into rentals. Significant I thought.

    Within two days the WSJ and NYT had swooped in to report that the bubble had burst, in Miami anyway. And it was the beginning. The idea that any residential RE deal would go south was unpossible, after all.

    Now these clowns drop like flies and the MSM doesn’t blink an eye.

    Hey LA, still have that half finished billion $ eyesore hanging downtown? There’s something like 6 or 7 of them around Miami.

  5. Yeah! Let more housing inventory arrive on the norcal market, burn baby burn! I want my deals when foreclosures arrive after the free cheese ends.

    1. The 2008 crash affected most housing stock. This time around its looking like only the bottom end of the market is going to tank (i.e. houses many people wouldn’t want to actually live in). I’m not expecting any great deals on decent NorCal real estate anytime soon.

      3. This time around its looking like only the bottom end of the market is going to tank (i.e. houses many people wouldn’t want to actually live in).

        The delusion is strong in that one.

  6. RE: Toronto (in addition to what was posted above about 5000 purpose built apartments)

    From the Globe & Mail: “Demand for rentals has declined, with border restrictions slowing immigration, tourism and the influx of foreign students. At the same time, the number of available rental units has spiked. A record 23,000 new condos units will be completed in the Toronto region this year, and another 22,434 are due next year, according to Urbanation. It estimates that 50 per cent were bought as rental units.”

    There is beginning of whispers that once the market price wipes out the deposit (usually 5-8%) – People are going to walk away from the purchase without even going the assignment route. This is going to hurt a bunch of the braggers who have already spent profits from previous Condo pre-buys. Worse is the scale of the 50% investors

    “Real estate investors are increasingly trying to get out of closing on their newly built condos in the Toronto region, as rents plummet and banks toughen borrowing qualifications for rental properties.”

    “Selling the right to buy the new condo, also known as assignment sales, has soared during the past few months of the coronavirus pandemic, according to realtors.”

    “It is a sign of weakness in the condo market beset by a glut of new units, declining rents and a dwindling number of renters.”

    “We are seeing a massive wave of assignments of people who don’t want to close in this market,” said Simeon Papailias, senior partner with REC Canada, which brokers hundreds of preconstruction sales every year.

    1. Robin.Hood debutante’$, … the party light$ fla$h @ 12:55 p.m. (Left.Coa$t) … What’$ in yer wallet?

      “Nightclubs will typically have a coat check, where you pay $omeone a few dollar$ and they try to mind your $tuff. There’s usually a sign claiming that they’re not re$ponsible if anything goes mi$$ing, so you can’t tru$t them with anything too valuable”

      1. Pay no attention to Hillarity’$ newsflashe$! Like her, currently they’re meaningless. 😷 😵😜

    3. It’s faded by half. Not sure if there are any fundamental reasons for either the initial moonshot or the subsequent decline.

  8. “Completely remodeled in 2016, the ‘spectacular Noe Valley home’ at 725 Duncan Street, which features ‘stunning Downtown, Bay, and Bridge views, paired with dramatic modern architecture and design,’ sold for $4.1 million in January of 2017. The modern 3,200-square-foot home was then further upgraded. And in June of 2018, the upgraded home returned to the market listed for $4.25 million and re-sold for $4.1 million, representing total appreciation of 0.0 percent since January of 2017 (not accounting for the six-figure cost of the aforementioned upgrades and despite the fact that the ‘median sale price’ in San Francisco was ‘up 29.7 percent!’ overt the same period of time).”

    Keep in mind this place sold in Nov 2018 for $4.1 M. SF bubble peak in 2017. If you account for the remodeling, price was down! This is even before the pandemic.

    1. Its fascinating to me that so many people pay gobs of money representing a huge chunk of their lives toiling to have a view. Why not just livestream a camera to a big screen smart tv? You can switch to a different view when the mood suits you and you’ll end up saving hundreds of thousands or even millions which will mean you can shave years off your career as a slave. Theres streaming cameras all over the world of beautiful areas, who wants to look at the same bridge even if its an interesting color, day after day? Half the time I walk a neighborhood at night thats all about “the view” I see the flickering glow of a TV screen, so obviously the view isnt enough and people want variety.

      2. Hmmm, in New Hampshire I think they assess a property to have higher value if it has a view. They’d tax the air if they could.

        2. “They’d tax the air if they could.”

          Indeed, an obedience collar. It would be controlled similar to a home detention ankle device with GPS and cellular towers everywhere. Just need to add a pneumatic ring interior or steel wire to enforce the breathing limitation. The technology is readily available…it’s just some paperwork and the courts holding things up. 🙂

  9. “Of the more than 4,000 rentals slated for second-half delivery metrowide, nearly 50% are in downtown/Highlands/Lincoln Park or Five Points/Capitol Hill/Cherry Creek submarkets that each registered triple-digit basis-point increases in vacancy during the second quarter.”

    Stick a fork in it, Denver is done.

    1. Are people still moving to Denver / CO? That might mitigate a little of the problem

      It is going to be the cities with steady or declining population that are really going to suffer with the new supply

      1. New construction of single family / duplexes is still happening outside of the downtown / hipster / overpaid tech bro transplant neighborhoods. “Luxury” rentals are dead in the water.

    2. “Apartment development in downtown Denver and adjacent neighborhoods is positioned to place upward pressure on vacancy in the coming quarters”. This is quite a turn of words, even for UHS. The lengths they’ll go to, to keep from stating the obvious——-

  10. “San Francisco’s notoriously high rents have dropped precipitously over the course of the pandemic, so it’s no surprise to learn that in October, they dipped again.”

    Will San Francisco house homeless people in the awashment of vacant apartments that won’t lease at anywhere near last year’s rental rate?

    1. Top tier homeless (most of who have jobs) are indeed going to be able to get real apartments. No more sleeping on friends’ sofas or in a broken down 20-year-old RV.

  11. 7-1 (+1 getting dressed) … $ad

    Supreme Court throws out First Amendment ruling against Black Lives Matter activist DeRay Mckesson
    RICHARD WOLF | USA TODAY | 1 hour ago

    The Supreme Court, in an unsigned opinion, said that appeals court should not have reached its ruling, based on free speech rights, without a clear understanding of Louisiana law.

    “The Fifth Circuit should not have ventured into so uncertain an area of tort law — one laden with value judgments and fraught with implications for First Amendment rights — without first seeking guidance on potentially controlling Louisiana law from the Louisiana Supreme Court,” the justices said.

    Associate Justice Clarence Thomas dissented from the ruling.

    New Associate Justice Amy Coney Barrett did not participate in the case.

    David Cole, the ACLU’s legal director, had said allowing the appeals court decision to stand “would have a tremendous chilling effect on the First Amendment right to protest.”

    But in court papers, lawyers for the injured police officer had argued that reversing the appeals court decision “would encourage negligent, unpeaceful, and illegal behavior at the expense of others and, in particular, would expose law enforcement officers to serious harm.”

    The Supreme Court’s most significant precedent also involved a protest organized by Black leaders. It ruled unanimously in 1982 that the NAACP was not liable for damages caused by a boycott of white merchants in Mississippi because its role was nonviolent. ✌

    1. This was a no-brainer for the Court. Its well settled that you don’t go down a Constitutional rabbit hole if a case can be resolved by correctly applying state law.

  12. Good.gawd & $weet.🍊.jesus, what would George Wa$hington think?

    Speaking of non.violent:

    Federal authorities expected to erect ‘non-scalable’ fence around White House

    By Paul LeBlanc, CNN, Mon November 02, 2020

    Washington(CNN) Federal authorities are expected to put back into place a “non-scalable” fence around the entire perimeter of the White House on Monday as law enforcement and other agencies prepare for possible protests surrounding the election

    Lafayette Park, across the street from the north side of the White House and a popular protest gathering spot, had also largely been fenced-in since police aggressively moved in on protesters alongside it in July.

    The fence, the same type that was put up during protests this summer, will encompass the Ellipse and Lafayette Square. It will go down 15th Street to Constitution Avenue and then over to 17th Street. The fence will then run up to H Street and across by Lafayette, and then come down 15th Street, the source said.

    (When Patriots tossed Briti$h tea into the Boston Harbor, was that considered a prote$t?)😲😨😱

      2. ‘…“non-scalable” fence…’

        The Jooz know how to build the best barrier with American funding. And they can move theirs when nobody is paying attention.

    4. Hwy

      I would say Boston tea party was a protest, a boycott, and destruction of the tea, all rolled into one.

        1. Or burn down $2 billion in public and private property, destroying thousands of businesses and the livelihoods of tens of thousands of their owners and employees. Yeah, that’s just like dropping 123 chests of tea in the Boston Harbor.

          Libtard jackass….

        2. What happens when the blm commies want to “move forward” in your neighborhood? Going to offer them a bit of tea?

          1. No doubt he thinks that his BLM, Biden/Harris and “hate not welcome here” lawn signs will protect his home from the mobs.

  13. 1)
    https://www.barrons.com/articles/the-housing-market-boom-may-soon-wind-down-heres-how-to-play-it-51604072363
    Real Estate
    Up and Down Wall Street
    The Housing Market Boom May Soon Wind Down. Here’s How to Play It.
    By Randall W. Forsyth
    Oct. 30, 2020 11:39 am ET

    With WFH becoming a necessity, rather than a luxury, there’s been a suburban housing boom, with urban families under shutdown needing more space for a home office and home schooling. With mortgage interest rates plunging to record lows—under 3% for the benchmark 30-year fixed-rate loan—they’ve rushed to move into bigger houses in the ’burbs.

    Residential spending was a standout in the third-quarter gross domestic product report released Thursday, surging at a 59.3% seasonally adjusted annual rate, more than reversing the 35.6% annualized decline in the preceding three months. Reflecting that, home builders’ shares have been on a tear. Exchange-traded funds that track the group roughly doubled from the March stock-market lows to the early-September peaks.

    The homebuying boom largely has been concentrated in the high end of the market, he writes in a report. Sales of million-dollar-plus houses have nearly doubled in the past year, according to the National Association of Realtors. Affordability is good for the well-off with top credit ratings; people with FICO scores above 760 accounted for two-thirds of mortgage originations in the second quarter.

    But overall mortgage applications for home purchases have flattened in recent months, even as refinancing demand has soared, Brennan notes. At the same time, listings have multiplied in markets in which prices previously had risen, such as the New York and San Francisco metro areas. All of which points to disparities in the housing market, with strong demand for high-value homes and refinancings in expensive areas, but weaker demand for cheaper houses and refis in regions where prices hadn’t risen.

    These divergences suggest that housing activity has been brought forward by the boom, he notes. Demographics underscore that trend. The move to the suburbs from cities also reflects a bulge in Americans in their late 20s and early 30s deciding that now is a good time for a move, adds Matthew Pointon, a property economist at Capital Economics, in a client note.

    But for housing to continue to boom, the lower end of the market must pick up, Brennan writes. That means that the number of first-time buyers, upon whom sellers trading up depend, has to rise. The shaky job market could prevent that.

    Covid-19 has changed many things, such as the number of people working from home, but housing remains cyclical. While the peak might not be here, the market is far from the bottom.

    2)
    https://www.thinkadvisor.com/2020/10/06/gary-shilling-dont-expect-the-u-s-housing-boom-to-last/
    https://www.thinkadvisor.com/

    News
    Gary Shilling: Don’t Expect the U.S. Housing Boom to Last

    By Bernice Napach | October 06, 2020 at 04:23 PM

    “A number of forces may come together to end the frothy house party … perhaps as soon as early 2021.”

    Extremely low interest rates — just over 3% for a 30-year fixed mortgage as of Oct. 1 — are also supporting the single-family housing market.

    “Economic weakness will probably persist well into 2021,” writes Shilling, noting that unemployment remains at “historic highs” while expanded jobless benefits in the U.S. have ended and another fiscal stimulus package hasn’t materialized. 

    In addition, federal programs to help stressed mortgage borrowers are set to expire at year-end, including the moratorium on foreclosures of single-family home mortgages backed by Fannie Mae and Freddie Mac.

    Many mortgage borrowers are already on shaky ground. Some 3.5 million home loans, or 7% of the total, were in forbearance in early September, and many more borrowers are behind on their payments but not yet in forbearance programs. In August, the serious delinquency rate of Federal Housing Administration-insured single-family mortgages jumped over 11%, reaching an all-time high, according to Shilling.

    At the same time, depressed rates for apartment and single-family home rentals “make them attractive relative to homeownership,” writes Shilling.

    – Extend and pretend continues apace, until after tomorrow’s elections. And then what? Do forbearance and deferrals continue into 2021, or does it end in January?

    – La la land. Today, tomorrow, and and forever! Heck of a free market system we got here. /s

    1. “…federal programs to help stressed mortgage borrowers are set to expire at year-end, including the moratorium on foreclosures of single-family home mortgages backed by Fannie Mae and Freddie Mac.”

      Aren’t those likely to be extended if COVID-19 hasn’t ended by the end of the year?

      Seems like a day of reckoning lies ahead, but maybe not as soon as early next year.

      1. Aren’t those likely to be extended if COVID-19 hasn’t ended by the end of the year?

        Absolutely. In fact, I believe they’ll be extended even if the shamdemic is over with.

  14. “‘The reality is that the city is not collecting a ton of money right now for affordable housing fees,’ Curtis said.

    Why should Denver taxpayers be forced to pay “affordable housing fees” so Denver’s Bolshevik Lib-Dem apparatchiks can house their parasitic votes-for-entitlements supporters?

    1. there is an entire eco-system around public housing and affordable housing. At least in Seattle.

      There are non-profits (with decent and higher pay), coordinators, food and cleaning etc.

      A colleague retired from microsoft and started volunteering. Within 2 years she was the exec director of the non-profit – and basically making 75% of her msft salary for a half time job. The amount of salary at some non-profits is signficant

    2. And this is why I live in Arapahoe County and make a point of not generating a penny of sales tax revenue for the City / County of Denver. I will make money in Denver (it’s too easy, LOLZ) but I won’t spend any of it there.

      #BedMadeLie

  15. Exhibit 3: Sublease space is exploding. According to a recent report by Savills, there is some nine million square feet of available sublease space in Manhattan.

    Is that a lot?

    2. We have a large number of corrupt, treasonous politicians and deep state bureaucrats who need to be tried and then summarily executed for what they’ve done.

    3. Breitbart, other ‘alt-right’ websites are the darlings of Russian propaganda effort
      Oren Dorell
      USA TODAY
      In this July 7, 2017 file photo, President Trump meets with Russian President Vladimir Putin at the G20 Summit in Hamburg, Germany.

      Amid an investigation into Russian meddling in the last U.S. presidential election, a Russian propaganda Twitter network aimed at American audiences consistently spreads links to Breitbart and other right-wing or conspiracy theory websites that boost President Trump and bash Democrats.

      The websites — which include True Pundit, the Gateway Pundit and Imperialist U — are regular features on the list of “Top Domains” pushed by a network of 600 Twitter accounts followed by the German Marshall Fund of the United States, which tracks a Russian disinformation and propaganda campaign focused on U.S. voters.
      …

      1. German Marshall Fund of the United States

        Think Tank Funded by U.S. And Foreign Governments Calls for Suppression of Breitbart, Fox, Conservative Media

        The GMF, which claims to be a “non-partisan” organization, relies on the opinions of NewsGuard, an unaccountable Microsoft-linked establishment project that purports to “rate” the validity of news sites.

        The report divides so-called “deceptive” news outlets into two tiers. “Manipulators,” that the GMF accuses of manipulating facts, and “false content producers,” which publish outright false articles.

        Both descriptions are used by the GMF to smear conservative news outlets. The “manipulators” listed by the think-tank include Breitbart News, Fox News, the Daily Wire, the Blaze, and Western Journal. The “false content producers” include the Federalist, World Net Daily, and black conservative radio host Wayne Dupree.

        “The GMF’s motives and objectives, which are transparently in favor of widespread censorship of independent and conservative media, were so egregious that they were condemned by the Wall Street Journal editorial board.”

        “[N]numerous U.S. federal agencies are funding an organization that is a) backed by George Soros, b) backed by Big Tech, and c) is promoting the suppression of conservative media on the internet.

  19. Former “prime retail space” all across the western world is getting decimated by the economic impact of COVID-19 lockdowns. What is this doing to the underlying collateral on all those CRE loans? And when is this going to trigger a second “Lehman moment”?

    Union Street: Empty stores on the rise in Aberdeen city centre

    https://www.bbc.com/news/uk-scotland-north-east-orkney-shetland-54614825

    Almost a fifth of prime retail space in what was once Aberdeen’s flagship shopping street is now empty.

  20. Lately I’ve noticed that globalist media lies and omissions tell you their own kind of truth. The new Narrative propaganda line, repeated ad nauseam in every globalist media outlet, is that Trump is trying to “undermine the Democratic process” by trying to prevent the massive, systemic voter fraud the Democrats have become very practiced at pulling off. And by the way, CNN, nothing undermines faith in Democracy like having the same globalist oligarchs who own the media also own both major political parties of the Republicrat duopoly, which is how an outsider like Trump came to be elected in the first place: as a middle finger to the globalists and their corporate statist Hollow Man candidates.

    Trump tries to undermine democratic process at the end of the campaign

    https://www.cnn.com/2020/11/02/politics/election-2020-donald-trump-joe-biden-kamala-harris-battleground-states/index.html

    (CNN)President Donald Trump is casting doubt on the integrity of vote counting and warning he will deploy squads of lawyers when polls close on Tuesday, as his latest attempts to tarnish the democratic process deepen a sense of national nervousness hours before Election Day.

    The President’s maneuvering, as he fights to the last moment to secure a second term, is taking place ahead of a court hearing in Texas Monday morning on a Republican request to throw out 127,000 drive-thru votes in a key county. The case is one of a growing number of GOP legal gambits to jam up vote counting or reject ballots and comes amid new concerns that the Postal Service, after reforms initiated by its new pro-Trump CEO, may struggle to deliver a deluge of mail-in ballots before counting deadlines.

    1. It’s like reading Pravda in the old Soviet Union. One had to read between the lines to figure the actual news.

      1. It’s ironic that “Russian propaganda outlet” RT carries stories the U.S. corporate media won’t touch. I have no illusions regarding RT, but I’ve also read many stories there that turn out to be factually accurate, and reasonably objective, that our globalist media outlets have consigned to the memory hole. In addition, the MSM liberal bias has become so in-your-face that it’s off-putting, whereas RT tends to be a lot more subtle in pushing their party line.

        1. It’s ironic

          It sure is. Four years ago this guy told us 1,000 times that we were falling for a German agent from the 1930s. Now, the 11th hour suggestion that the Russians are mind controlling conservatives to undermine socialist’s programs. There is simply no other explanation for our belligerence. Your logic’s got nothing to do with it.

        2. I have no illusions regarding RT

          I came to the same conclusions about Al Jazeera a few years ago too. No illusions…but that doesn’t mean they are always wrong. Sometimes they tell the truth that the locals can’t or won’t.

          I remember hearing a saying long ago…only your enemy will tell the truth about your faults. They don’t even need to exaggerate it, because it’s most powerful when it’s true.

  23. The media is disgusting. Check this headline out:

    Why are so many ex-athletes risking their legacies by endorsing Donald Trump this late in the election?

    You don’t even have to read the article to get the gist. Since when did exercising your right to vote and support a candidate mean “risking your legacy?” These libtards are an intolerant, dangerous breed, a lot like Nazis.

    https://sports.yahoo.com/why-are-so-many-exathletes-risking-their-legacies-by-endorsing-donald-trump-this-late-in-the-election-215720838.html

    1. It’s interesting that they see endorsing Trump as such a high risk and Biden as risk-free. In order to promote that you’d need to be all in on the Trump=Hitler train of thought…or just really tribal/wanting to use tribal thought process to manipulate.

    2. Back when I was in college I read an article written by a journalist from a left-leaning magazine – I can’t remember which one – who profiled one of the leading young female activists with a Neo-Nazi skinhead group. This was back when even lefty journalists were expected to have some semblance of objectivity in their stories, rather than the obligatory “dripping with venom” tone that is de rigor today for all Real Journalists who are required to treat all anti-globalist subjects with the standard “Two Minutes of Hate” extreme bias.

      Anyway, this skinhead girl’s mother had been a ’60s flower child, who grew up flitting from commune to commune doing drugs and cranking out at least three children with different, uninvolved fathers. The skinhead girl described seeing, as a young child, an episode of “Leave it to Beaver,” which was mocked by her mother, but the girl and her half-siblings craved the kind of serene and stable nuclear family structure and home life they saw on the show. When she looked at her mother, on the other hand, she recognized that this was the globalist ideal: irresponsible, hedonistic, a drug-using slut who spouted all the standard lefty slogans while being a drain on society. The girl found herself attracted to the Neo-Nazi skinhead scene because they were the antithesis of her mother and what she stood for. When her mother told her, “In the 60s we were all about peace and love,” she retorted, “You loved your drugs.” It was a thought provoking article, and could never be written today, since it painted such an unflattering portrait of her mother as the product of 1960s globalist counter-culture subversion of an entire generation of American young people.

      If any of these SJW soy boys and their hideous female comrades ever procreate, which seems implausible, I bet a lot of their offspring are going to end up equally repulsed by their parents’ lack of morality and virtues, as well. In addition, they are going to see the Deplorables their parents castigate as “Nazis” as better human beings than the dregs of society who end up in Bolshevik groups like Antifa. I predict a lot of children raised by lefties are going to end up going to the other extreme, like the skinhead girl in the story, due to their justified rejection of the globalist “values” embodied by their parents, or more likely, their single mothers.

      1. “When she looked at her mother, on the other hand, she recognized that this was the globalist ideal: irresponsible, hedonistic, a drug-using slut who spouted all the standard lefty slogans while being a drain on society.”

        I dated a young lady who resembled a similar nonchalant likeness, but she also had shrewd awareness of how to survive and eventually “settled down” with someone successful before it was too late.

      2. I predict a lot of children raised by lefties are going to end up going to the other extreme,

        We are already seeing this in GenX and Gen Z. It’s as if the flower children Boomers were brainwashed, and then they brainwashed their Millenial children. The off-generations are watching all this from the sidelines and they are pretty turned off.

      1. That’s the ad that was banned on Fakebook. I don’t see anything even remotely suggesting it should be banned.

        2. I don’t see anything even remotely suggesting it should be banned.

          It doesn’t promote the approved globalist Narrative. That’s all the reason the Oligopoly’s creepy Orwellian social media tech giants need.

      3. The vast outpouring of popular support and enthusiasm despite nearly four years of concerted globalist-orchestrated coup attempts and relentless media attacks must terrify the globalists and their Quislings. Les Deplorables are not going away, and neither is the middle finger they’re giving the corrupt Establishment status quo.

      1. “Butler PA again!”

        Comparing Trump’s latest huge rallies in Pennsylvania to “a visit from the Pope,” Carlson noted how “no one in Washington or New York or Los Angeles said anything” about the people in such states when hard times befell them. No one except Trump.

        by Steve Watson
        November 3rd 2020, 2:46 am

        Carlson noted that people in middle America love Trump despite the constant media propaganda that he is “the most evil man who’s ever lived,” reasoning that it is “because no one else loves them.”

        “The country they built, the country of their ancestors fought for over hundreds of years has left them to die on their unfashionable little towns mocked and despised by the sneering half-wits with finance degrees, but no actual skills, who seem to run everything all of a sudden,” Carlson urged.

        “Whatever Donald Trump faults, he’s better than the rest of the people in charge,” he continued, adding that if the elite had “done a halfway decent job with the country they inherited, if they cared about anything other than themselves even for just a moment, Donald Trump would still be hosting Celebrity Apprentice, but they didn’t.”

        Carlson further declared that elitists have shown themselves to be “incompetent and narcissistic and cruel and relentlessly dishonest.”

        “They wrecked what they didn’t build, they lied about it. They hurt anyone who told the truth about what they were doing,” Tucker proclaimed.

        The host concluded by noting that “America is still the great country, the best in the world, but our ruling class is disgusting. A vote for Trump is a vote against them.”

        “That’s what’s going on in that picture. that’s what’s going on in this country”

    1. Indeed. And commercial property includes families renting out their late grandmother’s house, not just office towers and strip malls.

    2. I have said for years the non smoking campaigns worked so well (from 40% to 13%) that people lived far longer then the actuaries predicted 40 years ago.

        1. It sure would seem so. I was out walking the other day, and every single person I saw was a fatty. It was very odd. At least they were walking, but I was struggling to understand if they had just decided to start walking and lose weight, or if they had been walking but would never lose weight because they were still eating donuts and Pepsi every day.

  31. Fake Kamala Harris Shows Up at Lantana Biden Rally and is Busted by Laura Loomer

    1 day ago

    Because the Kamala look-alike was taking photos with voters, Laura Loomer outed her as a pretend!

    Laura Loomer shouted, “That’s not Kamala Harris! That’s very misleading to the voters!”

    The pretend Kamala fled the scene as soon as she was uncovered.

    video courtesy of #gatewaypundit

    https://www.850wftl.com/fake-kamala-harris-shows-up-at-lantana-biden-rally-and-is-busted-by-laura-loomer/

    1. Yes, major Commie talk from Harris, that puppet they are going to put into power.

      When this women talks it reminds me of a silly high school girl who knows nothing about how anything works.

      1. knows nothing about how anything works

        I don’t know a lot about her, but it’s obvious she knows how to work the system.

        2. I don’t know a lot about her

          She’s a fraud and a whore. She’s the daughter of Jamaican and Indian immigrants and was Willie Brown’s mistress.

    1. “…Bolshevik revolutions always end up devouring their own militants…”

      The radical elements are usually killed-off by their own moderates when their usefulness has been exhausted.

Comments are closed.