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Now, The Bottom Is Falling Out

A weekend topic starting with KPIX in California. “Rent collection has dropped from 80.4% nationally at this time last year to 75.4% at the start of December. Meanwhile tenants are fleeing urban centers left and right. ‘I’ve even seen properties where they’ve dropped the rent 50% and they still can’t fill up the units,’ said Sid Lakireddy a small landlord and the President of the California Rental Housing association said. ‘San Francisco has a very big problem now.'”

From KRON 4 in California. “We’re seeing major changes in the last month for San Francisco rentals in what were very popular areas. There are hundreds of listings less than $2,000 for a studio and in the once-coveted neighborhoods, like North Beach, Marina, and Lower Pacific Heights, they’re seeing listings below low as $1,500 literally slashed by half since this time last year. The eastern side seeing the biggest annual drop and just for more perspective on how wild this is, this time last year, we did a report on what was called PodShares that was a bunk bed in the Tenderloin for $1,200.”

From SF Bay in California. “‘For Rent.’ Vanessa Khaleel sees that sign more and more from her office in Hayes Valley. And that’s not something the deputy director of the San Francisco Apartment Association wants to see. Khaleel said: ‘Our owners are seeing vacancies at about 20 percent higher and then they’re seeing their market rents come down anywhere from 20 to 25 percent so those two things are creating a financial hit to the property owners.'”

“Thomas Bannon, CEO of the California Apartment Association, supported the moratorium but thinks it’s time for the moratorium to be lifted. said: ‘You’ve got to figure out a way that the landlord can either be made whole or pretty close to it. If not, they will probably sell their single family rental units and walk away.'”

From Socket Site in California. “Despite the fact that the average asking rent for an apartment in San Francisco has dropped 24 percent since the end of February and the average asking rent for a one-bedroom is back under $2,700 a month for the first time since 2012, listing activity for available units continues to tick up. In fact, there are now over three (3) times as many apartments listed for rent in San Francisco than there were at the same time last year with vacancy rates on the rise.”

From Travel Weekly. “As California looks to combat rising Covid-19 cases with strict stay-at-home mandates, hoteliers across the state are bracing for a bleak holiday season. ‘We already have a number of our hotels that are at risk of having distressed loans,’ said Pete Hillan, a spokesman for the California Hotel & Lodging Association, citing a recent American Hotel & Lodging Association member survey that showed that 59% of hotel owners are in danger of foreclosure by their commercial real estate debt lenders.”

From Bisnow Washington DC. “Several malls in the area have already been foreclosed on, and more pain is on the way. Regional malls backed by CMBS loans that have received new appraisals during the pandemic have experienced an average loss in value of 40%, according to DBRS Morningstar. As of last month, DBRS Morningstar found 93 delinquent CMBS loans on mall properties totaling roughly $9.65B in debt. Lerner Enterprises last month sold the Dulles Town Center mall. The mall’s value in October was listed at $55M, compared to $184M just two years ago and $300M in 2008.”

From Bisnow New York. “The New York City hospitality world has been poleaxed by the fallout of the coronavirus pandemic, and a new survey shows just how gloomy the outlook remains. A Hotel Association of New York City survey of more than 100 hotel owners pointed to an industry grappling with empty rooms, vast jobs losses and plunging revenue. In the first half of 2020, 4 out of every 5 hotels surveyed experienced a more than 80% drop in net operating income, which ‘devastated’ cash reserves, according to that survey.”

“In March, when the pandemic hit the city, there were 18,840 full-time hotel employee in the city. But by September, that figure had fallen to 3,329, an 82% drop. Hotels across the five boroughs represent around 9% of the city’s employment, per the report.”

The Brooklyn Eagle in New York. “Even before COVID-19, Montague Street, the central shopping district in Brooklyn Heights, suffered from a high rate of commercial vacancies and turnover. Now, amid the pandemic, empty storefronts are proliferating. The unofficial ‘Main Street’ of New York’s first historic district should be a dream location for popular retail stores and restaurants, but the shopping strip has been plagued by vacancies for decades. Now, amid COVID-19, the bottom is falling out.”

The Daily Mail on New York. “The median rental price in Manhattan is now the lowest in a decade after dropping 22 percent last month to $2,743. In order to entice tenants to Manhattan, landlords offered incentives on 57 percent of all new leases last month, according to the report. The number of unrented apartments has nearly tripled to 15,000 – the third highest total on record. Jonathan Miller, CEO of Miller Samuel said there is a ‘shadow inventory’ of unlisted empty apartments, which means the vacancy rate could be as high as 18 percent in Manhattan. ‘It’s going to be an upward slog,’ Samuel said.”

From Seattle Met in Washington. “Inventory has climbed a bit in Seattle thanks to a struggling condo market, which posted 61 percent more active listings in November than a year prior. ‘If someone is looking for a deal on a condo, they’re probably going to be able to have their pick of the litter, and they’re likely going to be able to get concessions from the sellers,’ says Brad Davis the Keller Williams Greater Seattle agent.”

The Western Investor in Canada. “The Vancouver-based CEO of the Landlord Credit Bureau says hundreds of small landlords, such as homeowners renting a basement suite, are bailing out of Vancouver’s rental market due to a provincially-mandated rental freeze and difficulties in evicting scofflaw tenants. Larger landlords, meanwhile, are facing a ‘trifecta’ of challenges that are driving rents down and persuading many landlords to offer incentives for the first time in years, he said.”

“‘B.C.’s rental regulation is having an unintended consequence of actually reducing the number of rental units available,’ Zac Killam told Western Investor. ‘The reason is that it has essentially taken the financial impact that tenants are facing due to COVID and placed it on the back of small landlords.'”

“In a survey of Craigslist Vancouver rental listings on December 10, Western Investor counted more than 110 ads offering free rent, from one month to three months, including multiple units in new purpose-built rental buildings. ‘Some landlords are also offering reduced damage deposits, of say $200, instead of a full month’s rent,’ Killam said. Killam, who is a landlord himself, said he ‘hoped’ the rental market would improve in 2021 once the pandemic is ended, but noted that a similar trend of rental incentives is being seen in downtown Toronto. ‘There is simply less demand for rental units.'”

This Post Has 131 Comments
    1. The Mechanics Behind the Electronic Vote Steal Operation

      https://www.bitchute.com/video/OJrljwQFcIvc/

      https://twitter.com/tom2badcat/status/1325126091460268032

      https://archive.vn/KPwUa

      https://everylegalvote.com/country

      https://hereistheevidence.com/

      “Dominion-izing the Vote”

      https://www.bitchute.com/video/qlEUbPLvW98w/

      Eric Coomer Explains How To Alter Votes In The Dominion Voting System

      https://www.youtube.com/watch?v=UtB3tLaXLJE

      Eric Coomer, Dominion’s head of product and strategy, has disappeared.

      ‘Representatives from Dominion also did not attend a court hearing in Pennsylvania on November 19. Its US headquarters in Denver was also suddenly closed and moved away. Their employees deleted their names from LinkedIn.’

      https://www.youtube.com/watch?v=0oYQeeNCzZM

      https://www.theepochtimes.com/poll-watcher-describes-pennsylvania-election-irregularities-including-47-missing-usb-cards_3594549.html

      Here’s the testimony on video:

      “Baggies of USBs” – PA Witness Gives Explosive Testimony

      https://www.bitchute.com/video/AdaglXlcuqYt/

      Dem Ballot Inspector Says She Was Threatened with Violence for Speaking Up About Suspicious Activity

      “The majority inspector threatened to slap me in the face,” said Olivia Jane Winters, a registered Democrat and minority ballot inspector in Pennsylvania, testifying to Pennsylvania State Republicans Wednesday that she had been threatened and harassed by other election officials after she asked about suspicious activities during the 2020 election.’

      https://www.bitchute.com/video/_KrpyDlHTe8/

      Crowd Gasps after Finding out about Absurd Spike of Votes in Favor of Biden

      https://www.bitchute.com/video/jmNUAx8wQYdO/

      Sen. Doug Mastriano closing remarks PA state legislature meeting.

      https://www.youtube.com/watch?v=PIqujobvDFI

      https://censoredbyjack.com/channel/evidence-of-widespread-election-fraud

      https://www.deepcapture.com/2020/11/election-2020-was-rigged-the-evidence/

      ”We began to look and realized how easy it is to change votes.”

      ‘Election security expert @RussRamsland
      has performed many investigations on US election machines.’

      ‘The most *shocking* thing about this interview is it took place just days BEFORE the election. Watch’

      https://twitter.com/kylenabecker/status/1327511568993701888

      Col Phil Waldron Confirms Experts Witnessed Dominion Communicating with Frankfurt on Election Day

      https://www.bitchute.com/video/n7j5lg9fYyzz/

      1. ‘KRAKEN is DOD cyber warfare program.’

        ‘They cheated & got caught!’

        Sidney Powell
        🇺🇸
        ‘Who knew?’

        https://twitter.com/SidneyPowell1/status/1331435411286192128?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1331435411286192128%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fheadlines360.news%2F2020%2F11%2F24%2Fsidney-powells-kraken-is-department-of-defense-cyber-warfare-program%2F

        I did some digging around and found this (WARNING) PDF:

        https://www.dacis.com/budget/budget_pdf/FY20/RDTE/F/1203110F_294.pdf

        It’s dated Feb. 2019. If you word search Kraken (‘respond’ category), you’ll find it twice on page 4. This unit 305 person is in the affidavits in Powells lawsuit.

        WARNING PDF with filing:

        https://www.courtlistener.com/recap/gov.uscourts.mied.350905/gov.uscourts.mied.350905.1.15.pdf

        Zuckerberg on page 15. Obammie on page 8.

        ‘Response: Yes, our “White Hat” hackers – they have that traffic and the packets.”

        https://twitter.com/themodalice/status/1333505965857984512

        ‘Ruby Freeman Makes Video of herself Showing MOUNTAINS of GA ABSENTEE BALLOTS With NO RETURN ADDRESS’

        https://www.youtube.com/watch?v=HFYaxvxdfXY&feature=youtu.be

        Example

        Note the vote spike at the Atlanta treason:

        https://twitter.com/EricTrump/status/1334812236322381826/

        Corrupt Georgia Election Worker Seen Loading Same Ballots 3 Times into Machine

        Poll Worker Ruby Freeman Loads Up The Same Stack Of Ballots To Be Counted 3X

        https://www.youtube.com/watch?v=RiREC3Zy20E

        Ruby Freeman – “I need an attorney”

        “This is bigger than me. I need an attorney.” at 4:55.

        https://www.youtube.com/watch?v=xsU-CXcJ4Lg

        1. I was a bit relieved about the Supreme court thing. First the courts haven’t done anything about the CCP lockdowns, which are obviously unconstitutional. Second, you don’t respond to treason with lawsuits. Round them up and start hanging them.

          I’m a pacifist. But I draw the line at communism. “Oh but Ben are you sayin’ we gotta fight back?”

          How many cities have burned? We watch our economy being destroyed. Marxists don’t care about democracy. Why should we tie our hands when they trash our rights day after day?

          1. I’m a pacifist. But I draw the line at communism.

            In a perfect world, membership in the Democratic Party would automatically disqualify individuals from any post or position that involves swearing an oath to uphold the Constitution. The Party and its supporters have shown their manifest contempt for the Constitution, the Republic, and the rule of law. Deal with them accordingly.

          2. “I was a bit relieved about the Supreme court thing.”

            You’re a better man than me, I was and still am pissed off with no sign of not being pissed off on the horizon.

          3. I think we’ve been going about this wrong. These courts don’t follow the constitution, so they are part of the problem, which many millions now see crystal clear. I’ve been having a running discussion with someone. I mentioned hanging just one traitor and plenty of information would come forth. (I’ve posted how treason is defined, etc.) It was said, “you wouldn’t want to be tried for treason and hung.”

            Tying yer own hands with theoretical legal constructs. We didn’t do this, it was done to us. They committed treason, not you or me. And these commies have and will have no problem burning, killing, imprisoning – millions of people. So yeah, declare insurrection or what ever (that’s what this is, by a foreign nation no less) try them and hang them all. You fight fire with fire. It’s that or we gotta take everything back, because what these people say they are going to do openly just ain’t gonna fly. If anybody has a better idea I’m all ears, but the simple solution is to call this what it is and apply the outcome that fits the crimes.

          4. I’m starting to believe that the elites would have been better off if they had allowed Trump to win four more years. While he stayed in office, WEF & Co. would have had more time to allow the media to softly and slowly boil the frogs, time to allow Joe to fade away, and time for any vaccine or economic issues to surface. By 2024, they could have trained most of the populist flock into the Narrative, blamed Trump for everything bad, and lined up a young healthy figurehead to swoop in and take it all, with no strong successor to hinder them.

            Instead, I guess the elites felt that four years of Trump was too risky. So they boiled that water too hot, too fast, and tipped off the frogs. A year ago, the ridiculed conspiracy theorists were just that, ridiculed. But the past year of frantic censorship, the obvious takeover of once-trusted FOX, and Trump’s election fight got a LOT of attention. Now the elites have to contend with millions of frogs who now know that they were being boiled. And those frogs are mad as hell and they aren’t going to take it anymore.

          5. And these commies have and will have no problem burning, killing, imprisoning – millions of people.

            Heck, they are already telling us that’s what they’re going to do. Witness the Michigan Assembly woman who called on the Red Guards to attack Trump supporters. She was stripped of her committee seats by the Assembly and what did the Governor say? She said that was excessive discipline. I guess she should have just received a finger wagging and then allowed to continue as if nothing had happened.

          6. ‘A judge approved Michigan Secretary of State Jocelyn Benson’s emergency motion to intervene in a case against a small county that alleges fraud and focuses on Dominion Voting Systems machines.’

            ‘Michigan Circuit Court Judge Kevin Elsenheimer ruled in favor of the state’s motion during a Thursday hearing conducted virtually over Zoom. The plaintiff in the case, a voter named William Bailey, argued through his attorney Matthew DePerno that the state should not be granted an intervention given the timing.’

            ‘Bailey filed the litigation to challenge a local marijuana retailer proposal that barely passed after three ballots were not included in a retabulation because they had been damaged. The case, which lists Antrim County as the defendant, has gained outsize publicity and attention from President Trump’s legal team and his allies because of the focus on Dominion voting machines.’

            ‘Michigan moved to intervene in the case in order to allow officials better access to scrutinize the plaintiff’s claims of election fraud. The intervention request came after Elsenheimer allowed a forensic audit of the machines by a team on Sunday.’

            ‘During DePerno’s oral arguments, he said that the plaintiff believes that Benson “comes to the court with unclean hands and that she is tardy in her request” to intervene in the case. He noted that the secretary knew of the previous hearing, which resulted in the forensic audit, but that she didn’t take action until after that was conducted.’

            ‘After oral arguments in the hearing, which were watched by hundreds of people online, the judge ruled that Benson’s involvement in the case is “entirely appropriate” given the motions he has read and the arguments he heard in court.’

            ‘He said that his team is already in possession of the “forensic images” and that “some conclusions” have already been made from the information. DePerno also took notice of how Benson’s office characterized an apparent glitch that temporarily invalidated 6,000 votes erroneously tabulated for President-elect Joe Biden rather than Trump. He said the state has characterized it as a tabulation error.’

            “We believe now that that statement was false,” DePerno claimed, adding that they have seen “serious security breaches.”

            ‘DePerno said that prior to the hearing, he had received two affidavits that detailed “significant errors” that occurred during the election and noted that his client believes the results in the county are “uncertifiable” and called for decertification of the election.’

            ‘The lawyer said that his team will be filing a motion regarding a protective order that was put in place dealing with what information can be released publicly. He called the matter an issue of national security.’

            https://www.washingtonexaminer.com/news/judge-allows-michigan-to-intervene-in-antrim-county-case-involving-dominion-voting-machines

            ‘Last night the results of the investigation were released from the IT forensic study of the Dominion Voting Machines.’

            ‘Last night attorney Matt DePerno went on Greg Kelly on Newsmax. The information he shared was explosive.’

            ‘Matthew DePerno: Well the Secretary of State Jocelyn Benson said it happened by human error. We discovered that’s not true, that’s a lie. It didn’t happen by human error. It happened by a computer program called Dominion Voting System. And through our lawsuit we were able to get access to the Dominion Voting System program and my team went on last Sunday and we took forensic images on that computer system, 16 CF data cards, 16 thumb drives, and we got the forensic image of the actual tabulation machine in the Antrim County clerk office.’

            https://www.thegatewaypundit.com/2020/12/yesterdays-biggest-story-dominion-voting-machines-caught-manipulating-votes-per-forensic-investigation/

            Attorney Matthew DePerno: Dominion voting machines in Michigan county flipped from Trump to Biden

            https://www.youtube.com/watch?v=FpyxxeACPRE

          7. On this, the video I found said the report has been leaked and showed 100’s of 1000’s of votes were sent to Europe to be “adjudicated” election night. The sources of this have been wiped off the internet. Screenshots said Flynn has the leaked report.

          8. “Giuliani sounds good”

            Check out his podcast today where he chronicles his CCP virus journey. He talks about the meds that helped him recover. And his earlier podcasts have been a beacon in the dark of this election fraud (as had the HBB).

        2. I was a bit relieved about the Supreme court thing. First the courts haven’t done anything about the CCP lockdowns, which are obviously unconstitutional. Second, you don’t respond to treason with lawsuits.

          I was not surprised at all. It is so obvious what’s going on that the result was what I expected.

          1. I was a bit relieved about the Supreme court thing. First the courts haven’t done anything about the CCP lockdowns, which are obviously unconstitutional. A huge chunk of the governmental apparatus has de-legitimized itself. The FBI was one of the first to go. I might still trust the Secret Service. The consent of a big chunk of the “governed” is now being withdrawn. However, this was preceded by the withdrawal of consent by American leftists a few decades ago. They don’t make this explicit, but their statements and actions over this period make it obvious they hate the Republic and the Constitution and want to replace it entirely.

          2. obvious they hate the Republic

            Something that I’ve come to recognize is that these people have no actual principles which are more fundamental to them than what they want. So they ignore traditional principles when they act but scream ours at us. Like the Socialist from PA calling the Texas suit “Seditious”.

  1. At the end of September, 2020 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $9.336 trillion. At the end of September, 2019 the total debt outstanding was $8.567 trillion. In the 1 year period from the end of September, 2019 to the end of September, 2020 it increased by $769 billion. This is an increase of 8.9%.

    Update on the total (household, business, and all levels of government) debt numbers in Canada and the size of the Bank of Canada’s balance sheet

    https://owecanada.blogspot.com/2020/12/update-on-total-household-business-and_11.html

    1. I got this in an email:

      ‘The city of Vancouver condo owners, especially investors have taken it on the chin recently. As mentioned in our last condo market update, Vancouver proper condo values were down to $861,000 in October. Then news broke, vacancy homes tax will triple to 3% for 2021. Fast forward a couple of weeks and the average sales price has dropped to $765,875. A $96,000 lost month over month. Doubtful the substantial decrease in prices resulted from the tax increase, which could be a sign of more losses to come during 2021.’

      ‘From zenith to current prices the city of Vancouver condo values have lost more than $325,000 (-30%). To be fair as evidenced by the chart below the sales price of $1.1M occurred for one month only. In the name of fairness, let’s take prices that were tested multiple times, and call that the peak: $970,000 (top green line). Using that as a true market top the losses are still substantial. The resulting loss after 3 years of ownership is $205,000. Also important is now that Vancouver prices being at $765,875, implies all previous gains since 2017 have been erased. As prices during Jan 2017 were $774,227.’

      ‘A 10% drop from peaks is considered a correction, a 20% is a recession, and 30% drop has no definition other than, “ouch”. From the zenith to current levels condo values have dropped 30%. The true peak of prices occurred during Feb and April 2018 at $970,000 (top green line) indicating a 21% loss. Any way you slice it the city of Vancouver’s condo market has hit recession levels.’

      http://housingbubble.blog/?p=1393

      A Long Rant About Bob Rennie : vancouver – Reddit
      https://www.reddit.com/r/vancouver/comments/…/a_long_rant_about_bob_rennie/

      May 16, 2016 – One year ago I was blood boiling angry with Vancouver “Condo King” Bob Rennie. I recall distinctly thinking “I want to … You’re just rambling about how people are misattributing the housing bubble as being the result of foreign investment and idolizing an asshole developer.

      Sep 13, 2017
      Brace for more housing shortages, warns Vancouver real estate guru

      torqcampbell on Twitter: “bob rennie: current title holder of the biggest …
      https://twitter.com/torquilcampbell/status/744880110449332224
      Jun 20, 2016 – … bob rennie: current title holder of the biggest asshole in canada

      ASKBiblitz on Twitter: “Crash! And take that asshole Bob Rennie with it …
      https://twitter.com/leobiblitz/status/613724921789743104

      And the “Winners” are … the Worst of Vancouver, 2015 | scamcouver
      https://scamcouver.blog/2015/09/…/and-the-winners-are-the-worst-of-vancouver-201…

      Sep 28, 2015 – BMW (possibly an M5, possibly belonging to Bob Rennie) … be an asshole.

      2013: The Scam Reviewed | scamcouver
      https://scamcouver.blog/2013/12/31/2013-the-scam-reviewed/

      Dec 31, 2013 – bob rennie is an asshole

    2. this is the central banks stuff (even with the very low central bank lending rates at 0.5%) that will be so dangerous. There is not indication that they will not continue to keep buying.

      “From February 29, 2020 to December 9, 2020 the Bank of Canada’s balance sheet increased by $417.8 billion. This is an increase of 340%.”

  2. ‘I’ve even seen properties where they’ve dropped the rent 50% and they still can’t fill up the units’

    I’ve been saying for a while that effective rents had to be down 50%, everything added up. Don’t let anyone fool you. This is going to lead to massive amounts of foreclosures.

    1. Aside from San Fran, Seattle, Manhattan etc., where there are well paying jobs (remote working aside)

      What happens to the next tier of cites where there is more middle class skew of workers? Chicago, Dallas, Boston. If remote work takes off – there might be some real deals circa 2023-2025

        1. Paoburen, no doubt there are good jobs in Utah and Texas.

          What i was trying to say – is the % of good paying jobs (say more than $200K total comp) that would enable the filling in of luxury condos. Prior to 2020, there were enough of these in San Fran etc. There were a smaller % in Dallas and Chicago etc, but REIC still built luxury condos/townhouses downtown

          Or am i wrong

        2. People who move to Utah for work will say “It’s so nice here, but what’s with all the Mormons and Republicans?” and the transplants start voting Democrat.

          But it’s the Mormons and Republicans who make Utah a nice place to live.

          Liberalism is a virus that destroys everything it touches. It’s happening in Utah, so far mostly Salt Lake and Summit (Park City) counties. The other counties have mostly roundly rejected it.

          1. But it’s the Mormons and Republicans who make Utah a nice place to live.

            As individuals some are great and some are annoying. But they believe in rule of law and “do unto others…”. At a society/cultural level it matters a lot. Mormons have a belief that the constitution is divinely inspired and that someday it will almost be lost and they will have the opportunity to save it. Whether that actually happens or not it’s interesting to watch how that affects their thinking in government and constitutional issues. And it’s interesting to watch the liberal Mormons (there are more than you might think) and their thinking on all this. Lots of distrust of Trump in Utah…but also lots of distrust of mobs, for good historical reason.

        3. @b: I’d say “well-paying” is subjective. $200k a year is a garbage lifestyle in the Bay Area if you move there today, whereas $120k in other areas is kingly. But sure, I agree with your point, the best paying jobs are in those few cities. For now.

  3. ‘there is a ‘shadow inventory’ of unlisted empty apartments, which means the vacancy rate could be as high as 18 percent in Manhattan’

    One RE guy said it could be 25% in a recent post. But even at 18%, that’s triple the “official” rate. The REIC lies day in and out.

    1. “The REIC lies day in and out.”

      Lies are tools of the trade. They are used because they work.

      Think of it: Words are cheap. Say a few well-selected words to a dummy and the dummy will hand over to you some very big bucks.

      The dummy works while you get to play. What’s not to like?

      1. the dummy will hand over to you some very big bucks.

        Well…he’ll sign for it and somebody else will hand it to you. He’s a dummy, so odds are poor that he has it.

        1. “Well…he’ll sign for it and somebody else will hand it to you. He’s a dummy, so odds are poor that he has it.”

          Of course, and this is the beauty of it. He wants what he can’t afford so I am invited to step into his life and “help him out” – and help myself out at the same time.

  4. ‘You’ve got to figure out a way that the landlord can either be made whole or pretty close to it. If not, they will probably sell their single family rental units and walk away’

    Sell to who Tom? I had a conversation with a hard money lender recently. Asked, should I make a SF loan? I said, you can’t evict them. End of conversation.

    1. ‘You’ve got to figure out a way that the landlord can either be made whole or pretty close to it. If not, they will probably sell their single family rental units and walk away’

      Fixed it.

  5. ‘Several malls in the area have already been foreclosed on, and more pain is on the way. Regional malls backed by CMBS loans that have received new appraisals during the pandemic have experienced an average loss in value of 40%, according to DBRS Morningstar’

    So what does this do to tax revenue?

    ‘As of last month, DBRS Morningstar found 93 delinquent CMBS loans on mall properties totaling roughly $9.65B in debt’

    Is that a lot?

    1. LOL! The mall in Fort Collins is being foreclosed.

      https://www.reporterherald.com/2020/12/11/foothills-mall-lender-to-file-foreclosure-demands-for-remaining-46-59m-debt/

      I especially loved this part:

      While the city’s urban renewal authority agreed to remit a portion of sales and property tax revenue generated on the mall’s 77 acres to help service a $72 million bond held by a metropolitan district, those funds were used to build public infrastructure such as the surrounding parking lots and the Foothills Activity Center within the mall.

      That debt is separate from the construction debt at issue in the pending foreclosure, meaning the city is not liable for repaying any of it.

      The mall has existed for decades. What new public infrastructure? I’m thinking that there was some good old fashioned grift that went on there. Some bond holders are fooked.

      1. Ft. Collins is a relatively well-off area, and there are enough concealed carry holders, and the demographics are such, that it’s still safe to go to the mall, unlike many other towns of that size.

        1. Yeah, I have fond memories of that mall too, just like the old Boulder mall. It was fun to make a road trip down 287 from Laramie to visit the “big city” of Fort Collins back in the day and go to the mall. In the 90s the muscle car cruising in Ft. Collins, Longmont, or Westminster on a Friday or Saturday night was amazing. Especially Westminster on a Friday night in the late 90s. Maybe 1000 cars. Bumper to bumper.

        2. Ft. Collins is a relatively well-off area

          It certainly looks prosperous, but wages there are cr@p. If I were to quit my remote job with Big Red and take a comparable job in the Fort I would be looking at a $40K pay cut.

    2. [aside – i am going to have to re-watch the big short movie]

      Even in Nov 2019, there were concerns about triple-B bonds. What they hell happens after 12 -18 months of pandemic lockdowns. I am assuming that mall debt was (or still is) triple-B


      CreditSights said in an Oct. 30 report that about $70 billion of triple-B corporate debt is at risk of falling to junk within the next 12 months, including household names like Kraft Heinz Co., Macy’s Inc. and Ford Motor Co. It’s not a question of whether so-called fallen angels become more prevalent, according to the analysts, it’s “when and how fast.
      https://www.bnnbloomberg.ca/alarms-still-blare-on-triple-b-bonds-but-no-one-cares-1.1342440

      1. Most CRE leases have a “business interruption” clause typically exercised when the lessee cannot operate their business, which has typically been after natural disasters such as a firestorm or hurricane. Now some of the owners (lessors) might have insurance policies to cover their fixed expenses, property taxes, etc., the bare essentials to maintain ownership.

  6. FYI: YouTube has been taking down any and all videos describing research results on Ivermectin as a treatment for COVID. On a totally unrelated note, the FDA can only grant EUA for a vaccine if there are no effective treatments.

    1. We are living during a time of unprecedented censorship. If this continues the only things that will be allowed for posting on youtube will be cute pet videos.

      1. I’m about to overpay for an i-phone just to remove Google from my life. Google is the enemy of the American people.

        1. I will NEVER buy an i-Phone after Apple got busted for intentionally disabling them to force people to upgrade to a newer model.

          1. Just get an old fashioned flip phone. Sure, you won’t have all the cool apps, but isn’t that what we are trying to avoid to begin with?

          2. @rip- same here. Well I quit updating iphone as I got tired of seeing the updates brick phones. I did replace the battery on my old one and that was a quick $50 fix.

          3. I have avoided Apple Products ever since I got burned on an Apple Newton. With my sister in the hospital, I found the only way I could set up a video call with her or the staff was to use Face Time, meaning I needed an iPhone. I mentioned this situation on my FB page. A distant relative offered to send me an outmoded but still usable iPhone 8 for this purpose, free of charge. For the moment I inted to use it as a tablet, and not activate the phone status.

          1. To do this properly, he would have to either ROM the device (replace the OS with a modified Android OS from which Google has been removed), which carries its own set of significant security issues, or the device would have to be intentionally built for this purpose (which is quite rare as the device OEMs want to keep Google happy).

    2. It might not be long before they actually start deleting the primary research papers from ncbi pubmed. If we aren’t already there, that would be the defcon 1 alert that the cultural revolution is going nuclear.

      1. It might not be long before they actually start deleting the primary research papers from ncbi pubmed.

        Soon, 2+2=5, because reasons.

    3. , the FDA can only grant EUA for a vaccine if there are no effective treatments.
      The weasel word here is “effective” AFAICT there are ZERO treatments rated “safe and effective” by the FDA. Everything authorized by the FDA is under EUA.
      There are 2 different outpatient monoclonal antibody infusion treatments given EUA by the FDA in November. Hundreds or thousands of high risk patients have already received it, out of an initial allocation nationwide. You have the term I have just used, Google it for all the media coverage and press releases. The MSM is very close-mouthed about covering these treatments. NE OH has nothing mentioned in public available.

    4. Speaking of covid, question for Oxide and the other covid experts here: how accurate is the antibody test to see if someone has already had covid?

      1. It’s a complex question, but here’s the short version. AFAIK, the blood test itself will detect antibodies with accuracy. However, the test will not tell you if you’re immune.

        1. If you test positive for the antibodies, then yes, you have had COVID (probably symptomatic) within the past four months.
        2. If you test negative for the antibodies, then one of the following things happened:
        2a. You had COVID, but you had it more than four months ago and the antibodies disappeared.
        2b. You had COVID, but your body fought it off using T-cell immunity and you didn’t need to make antibodies — usually younger and/or asymptomatic or very mild symptoms.
        2c. You never had COVID.

        So the antibody test is sort of useful, especially if you’ve had symptoms in the past 3-4 months. Other than that it’s a crapshoot.

  7. “PodShares that was a bunk bed in the Tenderloin for $1,200.”

    This was never a good idea even in the good times. A glorified bunk bed with power outlet. Maybe they can IPO soon to make billions.

      1. LMFAO!

        Can we “hot rack,” e.g., sublet the bed while we are at work scrubbing away graffiti critical of our masters?

    1. @Realtors Are Liars,

      That is great as I want a place with a yard and pool but don’t want to overpay. What prediction for time to wait to buy? I am waiting to see what ChinaBiden and HeelsupHarris do with rent and mortgage programs.

        1. @Realtors Are Liars®,

          Hey man we all know that! You keep repeating the same line like a broken record 🙂

          Perhaps mix things up a bit?

          1. Hey man we all know that! You keep repeating the same line like a broken record 🙂

            Wow, talk about the pot calling the kettle black. You come here with different screen names telling us the same thing – that you’re waiting for house prices to crash in the Sacramento area so you can buy a house. Over, and over, and over, and over, and over…..

  8. “We’re seeing major changes in the last month for San Francisco rentals in what were very popular areas.

    And by “major changes” you mean cratering. Go on, REIC shills, you can say it. The truth shall set you free.

  9. There are hundreds of listings less than $2,000 for a studio and in the once-coveted neighborhoods, like North Beach, Marina, and Lower Pacific Heights, they’re seeing listings below low as $1,500 literally slashed by half since this time last year.

    Wha? But I thought 50 percent drops were “unrealistic,” per that smug REIC shill that used to post on here. And this is with trillions in “stimulus” and COVID-19 relief checks artificially propping up the market.

    1. FWIW, the Covid fun money ended months ago. Now millions are flat broke and line up for hours to get a few bags of free groceries. Even in Northern California.

      1. It’s going to come back, though this time they’re talking about an “extra $300” per week instead of the $600.

  10. ‘Our owners are seeing vacancies at about 20 percent higher and then they’re seeing their market rents come down anywhere from 20 to 25 percent so those two things are creating a financial hit to the property owners.’”

    Gosh, I hope the greedy speculators who have been gouging renters don’t go broke as rents and property values plunge.

  11. Regional malls backed by CMBS loans that have received new appraisals during the pandemic have experienced an average loss in value of 40%, according to DBRS Morningstar.

    Trillions of high Yellen Bux valuations have already been wiped away from the underlying collateral, with worse to come. At the point this securitized debt becomes impossible to price, Katie bar the door. This is going to be 2008 redux, only far worse given the staggering increase in public and private debt that the Fed has enabled with its QE.

  12. Ruby Freeman – “I need an attorney”

    Joe Biden – “We got one vanilla, one chocolate, but I wanted to get what we call black-and-white. … We’re gonna split it,”

    1. Ruby Freeman – “I need an attorney”

      What’s really needed is a hanging judge and swift, merciless tribunals for anyone and everyone involved in electoral fraud.

    1. I suspect we’re going to see a huge exodus of companies and wealth-creators out of corrupt Bolshevik states where the election steal was most blatant, and into the 17 or so free states that sided with Texas and the Constitution in demanding that the Supreme Court fulfill its legal function of blocking illegal power grabs.

      T minus 5 days until I leave WA for good. Crap, I’ve got a lot to do yet!

      Looking forward to living in a red state with a reasonable governor.

      It was interesting when one of the moving companies (from Enumclaw) was out. No masks and no conversation about them…friendly folks and they commented they have a sign on their business that say “any job that puts bread on the table is essential”. Looking forward to living somewhere that’s the default, rather than the exception.

          1. “It could be argued that he meant that down ballot.”

            Regardless, what he said about waiting until after the election in Georgia to “change policing, which I promise you will occur” proves he’s a conniving senile old b@stard.

      1. This video followed. It’s another must watch from Leigh Dundas! She articulates what’s been bouncing around in my head. Now look back at Graham’s questioning of Kavanaugh about enemy combatants.

        1. DNI report 45 days after election, then the legislatures have a chance to make a stand, if no remedy the civil war is going to get a Lot hotter. New HUD secretary is another harambe, so you know massive destruction of the middle class is planned.

          1. “Trump supporters rallying tonight…”

            I see a lot of helmets, so the popularity of sucker-punching someone from behind hasn’t gone unnoticed.

    1. “It is irresponsible and sets a dangerous precedent for journalists covering the incoming administration to be able to use secretly recorded conversations in their stories. To parse out Biden’s thoughts and anticipate his policy commitments, you must go through proper channels.

      The White House Press Secretary, the spokespeople for the President and Vice President, senior officials (without attribution), and the President’s public statements are all designated and responsible sources for information about the President’s thoughts and intentions.”

      Revealing a contradiction between Biden’s private thoughts and public statements is dangerous because it erodes public trust in the President, the Office, and the media itself.

      — Real Journalist Edward Ongweso Jr. Orgweso, Vice News

      1. dangerous because it erodes public trust in the President

        Socialists have no moral foundation. None at all.

        1. “The fact is that Ryan was just stating what has become the approach of many in the media. As we recently discussed, we are moving dangerously close to a de facto state media with the cooperation of Big Tech companies.”

          De facto – existing in fact, whether legally recognized or not.

  13. Jeremiah Babe’s last couple of podcasts posted on YouTube from downtown Palm Springs say pretty much everything there is to say about the bust in commercial real estate. Seeing is believing when it comes to showing the magnitude of the cratering and the impact of Comrade Newsom’s COVID-related lockdowns.

  14. I’ve noticed the comments section of Yahoo is back up and running, and people are blistering them about it.

    1. People must be getting expelled en masse from YouTube, because probably 9 out of 10 posters are calling BS on The Narrative.

  15. With unhinged Bolsheviks like Rep. Cynthia Johnson (Democrat – Michigan) openly threatening Les Deplorables and telling her “soldiers” (thugs) to “Do it right…make them pay” those under threat by the DNC’s Red Guards are naturally gunning up at levels unprecedented even under King Obama. Imported AK-47 variant rifles – almost certain to be banned by Executive Order soon after China Joe is sworn in – are impossible to keep in stock. However, 7.62X39 Russian-made ammo is much more readily available and cheaper than brass-cased 5.56mm or .223 used by AR-15s.

    I’m hoping to grab a Serbian-made Zvasta M70 to replace all my guns that were lost in my recent tragic boating accident while fishing in the waters over the Mariana Trench. Apparently poor boatmanship is hitting epidemic levels in America today, as accounts are flooding in of tens of thousands of similar mishaps in the weeks since the election steal took place, resulting in hundreds of thousands of “assault rifles” lost forever in the watery depths.

    https://www.youtube.com/watch?v=3znZpBwaZsU&t=270s

    1. Latest from former Navy SEAL Matt Bracken, whose novel “Enemies Foreign and Domestic,” published 15 years ago, has never looked more prescient.

      Biden’s First Executive Order to be ‘Gun Control’…

      https://defensivetraininggroup.wordpress.com/2020/12/11/bidens-first-executive-order-to-be-gun-control/

      Get it? He’s going to start the moves necessary to disarm the populace. You won’t be able to bury them fast enough, you can’t sell them, you can’t hide them. Best thing to do will be to hold on to them and refuse to comply. That means standing in the gap and doing what nobody wants but what must be done to keep the Republic.

    1. I think that the NFL needs to be more woke. Maybe have some trans players or a month saluting Antifa. Yeah, that should do the trick.

    2. “NFL Ratings Drop”

      I am glad I had an opportunity to take a stance against the Social Justice Warriors and very proud to have been a part of the “NFL Ratings Drop”.

  16. This is a bedwetting article.

    New York Magazine — By openly embracing Kyle Rittenhouse as a hero, Republicans make their violent fantasies clear (12/11/20):

    “The embrace of Rittenhouse on the right has played out in a kind of parallel to the results of the 2020 presidential election. You could call it evidence of an epistemological crisis — if killing is morally just when it is done to maintain “order,” to thwart one’s political opponents, what else can be justified under that framework?

    A retreat into mirrored realities — in which a killer is a hero, an election was compromised — happens in pieces. It happens in viewers’ descent from Fox News to Newsmax to One America News Network, searching for the dream of a Trumpian United States. It happens in the growing spread of militia groups, whose recruitment has ballooned in recent weeks, and in the armed protests moving through city streets, anyone in the way serving as potential collateral damage.”

    https://www.thecut.com/2020/12/the-right-wants-the-culture-war-to-turn-deadly.html

    The media is the enemy of the American people.

    And Gaige Grosskreutz needs to have his other arm shot off.

    1. You could call it evidence of an epistemological crisis — if killing is morally just when it is done to maintain “order,” to thwart one’s political opponents, what else can be justified under that framework?

      Kyle Rittenhouse was physically attacked by violent felons and defended himself. It’s telling that globalist media scribblers become enraged when their Communist insurrectionist allies suffer actual consequences while carrying out their globalist-directed campaign of burning, looting, and mayhem.

    2. “New York Magazine — By openly embracing Kyle Rittenhouse as a hero, Republicans make their violent fantasies clear (12/11/20):”

      I expect to see this branding for the next couple of years.

    1. They just announced that Charlie Pride died of complications of Covid 19.

      Remember the song Burgers and Fries and Cherry Pie.

      At this point I think any death is labeled as Covid-19 and I no longer believe that these deaths are other than the normal respiratory deaths seen yearly in mostly the elderly. . Why aren’t they comparing the normal death rate with the stats now?
      IMHO this was a scam or they wouldn’t be controlling the narrative and all information. Nothing but fake narratives .

      1. Nothing but fake narratives

        Should Biden be inaugurated, I imagine his administration will mandate a reduction in cycle threshold for the PCR tests then VOILA a drastic reduction in cases and deaths, which they’ll attribute to mandated masks.

        1. If they have to suppress counter information from Doctors disputing their narrative, than it’s a hoax.

          It’s obvious anyway because nothing makes sense.
          When they rolled out Obamacare that was tied to the IRS I knew we were going to have something like medical control over our lives. This is a well known way of ushering in Communist takeover.
          Trump trying to break up the Obamacare was to much for these treasonous traitors to take . Now look at what they are doing .

  17. Oh dear. Beijing Biden and the Comrades of Proven Worth at the DNC will be mortified to learn that the identities of 2 million of their CCP ideological fellow travelers are being leaked into the public domain. While the MSM will immediately consign this story to the memory hole, Internet sleuths can be counted on to flag the interesting foreign connections this leak will uncover.

    Database of nearly two million CCP members to be released tomorrow

    https://gnews.org/644269/

    Sky News host Sharri Markson exposed that there was a major leak of a database of nearly two million members of the Chinese Communist Party (CCP) and these will be reported by the Australian tomorrow.

    The database is reported to contain names, party position, birthday, national ID number and ethnicity.

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