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It’s Not Like We Just Sit On Our Piles Of Gold And Run Our Fingers Through It

A report from the New Orleans Advocate in Louisiana. “The New Orleans metro area has earned an unwelcome financial distinction during the coronavirus pandemic: more homeowners here are at risk of losing their homes due to unpaid mortgages than in any other major American city. More than one-in-ten borrowers in the New Orleans-Metairie metro area are now at least 30 days late with mortgage payments. ‘Our numbers for folks seeking help with evictions already are through the roof — up 300% since the pandemic started,’ said Laura Tuggle, executive director of a non-profit legal aid provider for low income Louisianans. ‘The deluge on mortgages is going to come.'”

“‘Even those who have come back to work are likely coming back to lower income jobs,’ said Joe Distefano, CEO of UrbanFootprint. ‘If you’re six, seven, eight months behind on mortgage payments it’s not like you’re suddenly going to find the money to catch up.'”

The South Florida Business Journal. “A Palm Beach Shores property that’s slated for a condominium development has been targeted in a $5.5 million foreclosure lawsuit. Located on the north side of the Palm Beach Inlet, the waterfront property currently has three apartment buildings with a combined 23 units. It was approved for a 15-unit Skyfall Ocean condo project.”

“The developer acquired the property for $6.5 million in 2019 and obtained a $5.5 million mortgage. According to the complaint, the borrower defaulted on the mortgage by failing to make the Dec. 1, 2020, payment and not paying property taxes. The complaint says $5.5 million in principal, plus interest, is due.”

The San Francisco Business Journal in California. “Swinerton and Webcor have informed San Francisco officials that they are no longer the general contracting joint venture behind Oceanwide Center, citing lack of payment for several months in city documents obtained by the Business Times. The efforts come after the project’s Chinese owner, Oceanwide Holdings, announced Dec. 31 that it was not able meet or extend a year-end deadline to close a deal with Hony Capital to buy the office, hotel and residential development near Salesforce Tower.”

“Oceanwide bought the project for $296 million in 2015 and started construction in December 2016, as part of a major U.S. real estate play that also includes a high-profile project in Los Angeles. But the project quickly ran into delays as costs soared and the Chinese government cracked down on capital ouflows.”

“If Oceanwide is unable to come to terms and close a deal to sell the project, most likely at a significant discount, real estate experts tell me they expect the U.S. Oceanwide unit — and potentially other subsidiaries of the company involved in financing the project — to seek bankruptcy protection.”

“‘It sounds like they’ve been down a couple paths and they haven’t worked, which may make bankruptcy, receivership or some insolvency-type proceeding more likely,’ said Ben Young, a partner in Jeffer Mangels Butler & Mitchell LLP’s bankruptcy group. ‘Bankruptcy allows the owner to protect themselves from a forced sale of the property by one of its creditors so that they can control the disposition and maybe get more money for it rather than selling it in a distressed kind of way.'”

From Mission Local in California. “News stories abound on San Francisco’s vacancies and plummeting rents: The vacancy rate for the approximately 3,000 property owners of the San Francisco Apartment Association is 27 percent, according to Janan New, the nonprofit organization’s director. A year ago, no one would ask Rebecca Pearson, owner of SF Life Real Estate Inc., for cheaper listings. These days, every tenant offers less than the asking price, she said.”

“For landlords, the consequences of the changing market largely depends on their total income, what fraction of their income comes from rent and whether they’re paying off a mortgage, said Noni Richen, president of Small Property Owners San Francisco. For smaller property owners in particular, expenses like electrical, sewage, garbage, maintenance, repairs, property taxes and insurance add up, said Richen and New, the director of the apartments association. ‘It’s not like we just sit on our piles of gold and run our fingers through it,’ Richen said.”

“David Levy, a real estate agent for the San Francisco-based Baldini Property Management, said the property owners most impacted include those paying off a mortgage as well as senior residents. One landlady managing eight apartment units is at risk of losing two of her buildings, said Richen, from the small property owners group.”

“The landlady has paid the mortgage on time for 20 years. But most of her renters are among the minority of tenants citywide who have stopped paying rent, and the eviction moratorium has prevented her from replacing them. She hasn’t paid the mortgage in months, and East West Bank is threatening to foreclose both buildings. She would probably be financially ruined, Richen said.”

“‘A lot of tenants assume that because someone owns property or multiple property, they’re millionaires, and they can afford to rent this place out for free,’ Levy said. ‘That’s plain not true. A lot of people who rent out their property rent it out because they need money to pay the mortgage or bills or expenses.'”

From Bisnow National. “The former CEO of a New York City investment firm has been accused of fraudulently inducing hundreds of people to invest based on the fictional success of two nonexistent real estate investment funds. Eric Malley, founder and former CEO of MG Capital Management, has been arrested and charged with securities fraud and wire fraud, the U.S. Attorney for the Southern District of New York announced.”

“‘As alleged, Malley, acting as CEO of an investment firm he founded, solicited investors with material misrepresentations and lies pertaining to luxury residential real estate and several investment funds,’ FBI New York Assistant Director in Charge William Sweeney said in a statement. ‘Ultimately, the investors, many of whom had entrusted Malley with all of their retirement savings, lost nearly everything.'”

“Malley claimed while marketing the third and fourth funds that the earlier funds had portfolio values of more than $1.1B and had outperformed the S&P 500 Index over a 10-year period, the SEC said. The purported purpose of the funds was to acquire high-end residential units in New York City leased to corporations. Malley assured investors that the funds were debt-free, but they were not, the government alleges. They held mortgaged properties almost entirely leased to individuals, not corporate tenants.”

“About 60 investors put $23M in Fund III, and approximately 275 investors backed Fund IV to the tune of about $35M. Fund III suffered net operating losses of about $860K, and its investors never received anything back, not even a return of their investments. Malley distributed at least $278K to himself in his capacity as general partner of that fund, the U.S. Attorney’s office alleges. Malley is a licensed real estate broker with no investment management experience, a fact he also lied about, the complaint alleges.”

The Globe and Mail in Canada. “According to Urbanation Inc., the total number of condo apartments available for rent in Toronto in December was 8,076, down 12 per cent from September, but up 162 per cent from December, 2019. In addition to the available inventory, the most important factor driving prices down in these core areas seems to be the falling price of rent. An asset that pays you less and less every month isn’t typically a good bet, but according to Andrew la Fleur, who specializes in investor-buyers for Re/Max Condos Plus, purchasing a new condo in Downtown Toronto has been a cash-flow-negative investment for years.”

“‘Any single unit property, in the city of Toronto, that is break-even cash flow based on a traditional 20-per-cent down [mortgage], has been nearly impossible to find in the last five to 10 years, but most especially in the last four since 2016,’ he said. For his buyers, return was calculated on eventual equity appreciation, and with prices and mortgage rates falling, the amount of cash an investor can expect to lose while waiting for that equity payday has actually shrunk.”

“The Toronto Regional Real Estate Board (TRREB) is the primary source of market data, but one thing it doesn’t provide is useful statistics for how long certain property types spend on the market. Until 2019, TRREB only provided a metric known as Days On Market (DOM) for home sales, which was misleading because it didn’t count how many total days a property had been on the market – just how many days the most recent listing had been live. For a variety of reasons, agents had fallen into the habit of taking down and relisting homes in the MLS after a certain number of days had passed.”

“Now, TRREB provides two topline figures for the whole market of Listing Days On Market (the old misleading figure) and Property Days on Market (PDOM), which captures the total number of days (with some restrictions) a home has up been for sale. But TRREB does not provide those more accurate PDOM figures for subtypes of sales (detached, semis, townhomes or condominium apartments). A spokesperson for the agency said there was currently no report that could be generated to display that data, so it’s unclear how long it’s taking to sell a condo in downtown Toronto.”

From Domain News in Australia. “Melbourne unit rents have fallen to their lowest point in four years and recorded their steepest annual fall on record in 2020, new data shows. Alex Kennedy from Hodges South Melbourne says it is definitely a tenants’ market in the inner city, particularly in areas such as the CBD, Southbank and Docklands, where landlords are still slashing rents to secure tenants.”

“‘We are definitely seeing a lot of people taking advantage of the lower rents in that inner-city market,’ he said. ‘Previously, you would see a lot more people renewing leases when they came to an end; now people are taking that opportunity to shop around and move into something similar but for much less. What we see now is owners asking up to, say, $80 to $100 less per week for a one-bedroom apartment, than what they were asking a year ago, and for two-bedrooms, they’re typically asking $150 to $200 less per week … if they don’t, those apartments are just sitting empty for continued periods of time.'”

This Post Has 96 Comments
  1. ‘now people are taking that opportunity to shop around and move into something similar but for much less’

    That’s the spirit!

    Gosh, another day, more bay aryan foreclosures, Palm Beach too! But UHS say Palm Beach red-hotcakes? Wa happened Palm Beach?

    1. “Ayran Michaels, a full-time technician at Mike’s Bikes in SoMA, sent his landlords evidence that vacancies were going for less. He signed a 12-month extension in return for a drop from $2,000 to $1,700.

      His coworker Corey Browning asked his landlord for a $300 decrease for a “kind-of” one-bedroom in the Inner Richmond. The landlord offered a $150 reduction to $2,350 a month, but Browning found a place for $2,200 — with a washer, dryer, garage and better bedroom, to boot — and moved out.”

      Oh Dear!

  2. ‘It’s not like we just sit on our piles of gold and run our fingers through it’

    Yer right Noni, now you are well and truly fooked!

    27% vacant. Won’t hear that from the Chronicle.

    1. I note that she said “running fingers through piles of gold,” and made no mention of mentally caressing the keys to her crypto wallet.

    2. Maybe OT: I’d like to ask for some advice from the learned and knowledgeable (but sometimes lovably cantankerous) crowd at the HBB. If you were W@H and could live anywhere in the lower 48, where would you move to? I’m thinking smallish city or resort area in a red state. Any suggestions?

      1. If you were W@H and could live anywhere in the lower 48, where would you move to?

        The first thing I’ve learned is that W@H arrangements don’t always last forever. So I might take that into account rather than moving to my dream location.

        But ignoring that, I think it depends on what you like the most, especially weather and growing season. And do you care about taxes? Me personally, I would be attracted to Arizona after what I saw there over the holidays. Pick your preferred weather somewhere between Phoenix and Flagstaff and then enjoy the relatively easy drive to other weather and other places including the California coast. But if I really wanted to live on water then maybe I would go another direction.

        1. Taxes, 1st and 2nd amendment applying, cost of living, low crime are all applicable.

          Is AZ still a red state?

        2. “And do you care about taxes?”

          You might consider household energy. While I can’t stand the long winters of northern latitudes along the Columbia river we have a public utility district that built a couple of hydroelectric dams back in the day, and residential rates are below $0.04/kW-hr for our “all electric” house; we’ve never paid over $200 a month during our coldest winter with a family of four.

          Some areas have abundant natural gas, other areas like the gulf coast have petroleum oil cracking nearby. It’s something to think about with all this “renewable energy” and “carbon credit” nonsense titillating the elites these days.

      2. where would you move to?

        The safest thing is to pick a location and rent. You are then free to try another place as the whim strikes you. Being a snowbird even appeals to some.

  3. ‘She would probably be financially ruined’

    ‘Ultimately, the investors, many of whom had entrusted Malley with all of their retirement savings, lost nearly everything’

    via GIFER

    1. ‘“The landlady has paid the mortgage on time for 20 years…She hasn’t paid the mortgage in months, and East West Bank is threatening to foreclose both buildings. She would probably be financially ruined’

      20 years? Should almost be paid off. Now don’t tell me she refi’d that sweet equity and blew it on vacations and is underwater.

      ‘all of their retirement savings, lost nearly everything’

      Sacré bleu!

      1. Those five star resorts and high end luxury cars aren’t cheap.

        As I’ve said before, during the fat times, these people lived like kings. They probably even hired someone to manage their rental empire.

        It’s always Sunday in a rich man’s world. Now every day is Monday.

      2. “The landlady has paid the mortgage on time for 20 years. But most of her renters are among the minority of tenants citywide who have stopped paying rent, and the eviction moratorium has prevented her from replacing them. She hasn’t paid the mortgage in months, and East West Bank is threatening to foreclose both buildings. She would probably be financially ruined, Richen said.”

        But REIC tells us she can just sell!

        1. Or she could sell one building and use the proceeds to pay off the mortgage on the second building and continue collecting rent.

  4. ‘For a variety of reasons, agents had fallen into the habit of taking down and relisting homes in the MLS after a certain number of days had passed’

    The main reason is they are crooks.

    1. This is why days on the market is meaningless.

      BTW, Gab.com is down now for several days. Seems like a coordinated attacks on their server. I wouldn’t trust Cloudflare to protect them from DDoS attacks either.

    2. Another (really overtly overused) REIConplex technique is to list a proptery in the MLS “pending” or “contingent”.

      Only for listing to disappear after a few days and then “back on market”, or after few months, “New listing”.

      I trust the REIConplex about as far a I can throw my backyard patio.

  5. ‘More than one-in-ten borrowers in the New Orleans-Metairie metro area are now at least 30 days late with mortgage payments….’The deluge on mortgages is going to come’

    One area has double that, 20%.

    ‘If you’re six, seven, eight months behind on mortgage payments it’s not like you’re suddenly going to find the money to catch up’

    But renters owe many billions, and they’re gonna catch up, right? I said last spring this “everybody stop paying everything” was gonna bite the guberment in the ass. That day has arrived.

  6. ‘the amount of cash an investor can expect to lose while waiting for that equity payday has actually shrunk’

    That’s a great selling point Andy. Might want to start looking for job collecting shopping carts.

  7. You judge something by the tatics they employ.
    Obvious fake news, censorship of news, and narratives of attack based on race.
    Hilter/Stalin like calls for punishment of political rivals, by camps, job discrimation, fake show trials and a total violation of Constitution, bill of rights, and civil rights.
    Some kind of One World Order agenda run by Globalist Monopolies, that wasn’t voted for, thats why they had to steal the election.
    No red blooded American would vote to be ruled by Monopolies, Commie policies, and give up the Government this Country was founded on .
    They speeded up the takeover because of the Trump resistance , but it makes it more obvious what their true colors are.

  8. Yet in the same paper yesterday, they talk about investors thinking it might be safe to buy. Depending on the WFH state that employers allow at the end of the pandemic, you are taking a bet.

    https://www.theglobeandmail.com/real-estate/toronto/article-a-feeling-that-its-safe-to-buy-again-buoys-the-market/

    series of price cuts and strategies followed before Mr. Kutyan set an asking price of $485,000 in late October. After 42 days, the unit found a buyer.

    “We sold for $475,000, sight unseen,” Mr. Kutyan says. “It was 370 square feet.”

    The building in upscale Yorkville allowed short-term rentals, which were popular with out-of-town visitors. But owners face intense competition now: currently, there are 55 units listed for lease in the building and 24 for sale.

    Only nine sales have taken place in the high-rise since July, Mr. Kutyan says.

    —-
    The Globe and Mail in Canada. “According to Urbanation Inc., the total number of condo apartments available for rent in Toronto in December was 8,076, down 12 per cent from September, but up 162 per cent from December, 2019. In addition to the available inventory, the most important factor driving prices down in these core areas seems to be the falling price of rent. An asset that pays you less and less every month isn’t typically a good bet, but according to Andrew la Fleur, who specializes in investor-buyers for Re/Max Condos Plus, purchasing a new condo in Downtown Toronto has been a cash-flow-negative investment for years.”

    “‘Any single unit property, in the city of Toronto, that is break-even cash flow based on a traditional 20-per-cent down [mortgage], has been nearly impossible to find in the last five to 10 years, but most especially in the last four since 2016,’ he said. For his buyers, return was calculated on eventual equity appreciation, and with prices and mortgage rates falling, the amount of cash an investor can expect to lose while waiting for that equity payday has actually shrunk.”

  9. Fake TV news in California just posted that 1in3 have Covid-19 in LA.
    Does anyone believe that this could be true? I don’t.

    1. If the overwhelming majority are asymptomatic, it could be. But at this point, all they care about is locking down everyone they can.

    2. If 1/3 really have COVID, then presumably those 1/3 will be immune within a month. Add in a few vaccines and LA should have herd immunity. Businesses in LA would have grounds to sue to open up.

      1. “a dystopian disease that destroys what little critical thinking skills people had left”

        I was in downtown Denver today, drove up Speer Blvd to I-25 north counting the number of people I saw wearing mask while driving alone. These people are are so pathetic.

  10. And, who would want to go to Biden being sworn in? He never had very much attendance at his limited Campaign Rally’s, so why would this be different.
    Really, Biden must be the worse boring Speaker and the race dribble is insulting.

    1. I saw Biden speak up close and personal at the Sean Collier memorial at MIT and was just thinking to myself “what a f***ing idiot”. My opinion has gotten worse since then and he definitely hasn’t gotten any smarter.

  11. Speaking of renters, we moved out to Henderson, NV in 2017 from the east coast. We found a 2 bedroom, 2 bath townhouse with a garage for $979, and following an increase every year, we just signed a new lease paying $1416 for 2021. I’m retired and my husband is on a company offered leave from his airline job, and our hope to buy a reasonably priced place, before we end up in a nursing home, is not looking too good at this time. Our 2 twenty-something adult kids still live with us, and even with my daughter having a decent income working for the police department and my son doing okay working for a major retailer while he waits for more than a year now to be called by the operating engineers local, they can’t afford to live on their own. Well, at least there’s the Las Vegas nightlife, shows and buffets. Oh…wait.

    1. Unfortunately, those CA locusts spreading to infect other parts of the country. Wait until higher taxes, lawlessness, and homeless problems become more common in NV.

    2. Oh…wait.
      Sounds almost identical to our situation (only one adult kid.) Most of the reasons we moved here are gone after 15 years.

  12. Wall St. and the PTB have crafted a narrative that everything is always good news. There’s literally no bad news out there as it pertains to stocks. Horrible news = more stimulus = stock market goes up bigly. Great news = economic rebound = stock market goes up bigly. It’s a can’t lose proposition, so everybody is all in.

    Meanwhile…

    Jobless claims surge to highest weekly total since August

    First-time jobless claims totaled 965,000 last week vs. the Dow Jones estimate of 800,000.

    https://www.cnbc.com/2021/01/14/us-weekly-jobless-claims-total-965000-vs-800000-estimate.html

  13. whats going on with oil, gas price up like 30 cents in a few weeks oil near $54 same as a year ago, i thought we were in a serious recession with millions out of work.

    1. gas price up like 30 cents in a few weeks oil near $54 same as a year ago

      What has happened with production? Is it down? Up? Sideways?

  14. Zillow has a new Zestimate price model for homes for sale. This is their description of it. “The estimated value of this home if it was not for sale — excluding on-market information like list price, listing description and days on the market” lol.. I also have a watch list and they go off-market and get relisted as new all the time. I already have them saved when they are put back up as “new listings” due to some glitch. So much misleading data from real estate agents

  15. I read the NY Radio Message board….

    What is true is that a very motivated *minority* gets its news solely from social media and supposed “news” outlets that are completely biased (OAN, Newsmax — conservative examples). When they become your primary news source you live in an echo-chamber world reinforcing an exaggerated bias that you come be believe is real.

    The next step is most everyone else thinking that minority is far bigger than it is. The Capitol crisis is an example. Relative to the rest of us, very few were actually involved and many appear crazy (Viking outfits, stealing lecterns, climbing down walls etc.). This wasn’t an “insurrection”. It was a small number of head-cases.
    https://nyrmb.com/messages/461857.html

    1. This wasn’t an “insurrection”. It was a small number of head-cases.

      Kind of like antifa. Yet they get celebrated by the media.

    2. Nope, it was a false flag led by BLM and antifa types with support from their comrades within the ranks of the capitol cops:

      https://redpilled.ca/redpilled-media-exclusive-us-capitol-special-agent-david-bailey-who-murdered-ashli-babbitt-is-a-brazilian-immigrant-and-black-lives-matter-militant-he-repeatedly-threatened-to-kill-trump-su/

      This is probably why Trump isnt going to the inauguration. They probably had another false flag planned which would then be used as the excuse by some commie plants in the national guard to kill him and his family.

  16. ‘If you’re six, seven, eight months behind on mortgage payments it’s not like you’re suddenly going to find the money to catch up.’”

    Another “expert” who looks resplendent in his Captain Obvious costume.

  17. “‘It sounds like they’ve been down a couple paths and they haven’t worked, which may make bankruptcy, receivership or some insolvency-type proceeding more likely,’ said Ben Young, a partner in Jeffer Mangels Butler & Mitchell LLP’s bankruptcy group.

    All these paths lead to the same destination: Schlong City.

  18. The vacancy rate for the approximately 3,000 property owners of the San Francisco Apartment Association is 27 percent, according to Janan New, the nonprofit organization’s director.

    “How did you go bankrupt?”
    Two ways. Gradually, then suddenly.”

    ― Ernest Hemingway, The Sun Also Rises

    1. Two ways. Gradually, then suddenly.

      Exactly the same way we slid down the slippery slope to disaster for the country as decades of bad decisions to put things off until after the next election piled up. We just went over the tipping point into “suddenly” it would appear.

      1. Indeed. It’s been a long slow grind as principal payments have stretched out from 10-yrs to 40-yrs, interest rates have been forced downward from 15% to zero, home prices in metro America are at least 10x income and our young adults have been priced out of college as pension fund obligations and middle-east wars strain government budgets.

  19. A comment regarding the recent explosive growth of Gab:

    “Some of that is malevolent leftists lodging in there like a bunch of f*ing tapeworms trying to find something to bitch about” — Styxhexenhammer, 1/14/2021

  20. I dont have a subscription to crains…but dannng

    Rent-regulated tenants more than $1.1B behind on payments …
    http://www.crainsnewyork.com › residential-real-estate › rent-re…
    6 hours ago — Almost 200000 of the city’s rent-regulated tenants are more than two months behind on rent payments and owe about $1.1 billion in total, …

  21. About gab. I’ve been a long time user and three days ago the site went down for awhile then came back up. It logged me out and I cannot log back in nor can I recover my account.

    I used the site to discuss women and nothing else.

    I don’t know anything more than that but I’d be a little bit wary about gab right now. Love the blog you guys.

    1. Dan Bongino gave a bit of an update about Parler yesterday in his podcast. It filed a lawsuit against Amazon with an exhibit of a communication wherein Amazon was more concerned with whether DJT had opened an account rather than with Parler’s content moderation. Yesterday, Project Veritas also released a video recorded by an employee of Jack Dorsey discussing censorship of DJT. It’s quite clear that Big Tech are trying to silence him and his supporters. Lin Wood, Sidney Powell and Patrick Byrne have also been deplatformed by Twitter and have all had problems with fake accounts impersonating them on Telegram.

  22. Rumors circulating that a mass declassification of documents related to Obamagate could be happening soon.

    Stay tuned…

          1. It’s hard to predict the future. The stuff in the article is stuff we already know, yet the Socialist half of our population know nothing about it, or dismiss it as not fitting obvious reality. Because CNN.

    1. Metro Denver is very dependent on aquifers that are being depleted. Kiss that blue grass lawn goodbye.

    2. The Golden State is predicted to enter severe drought conditions again due to another poor Sierra-Nevada snow pack.

      1. I refuse to call anything severe as long as people are still allowed to water their lawns. Back in Colorado when they talked about the droughts in California I thought the people there took them more seriously than they actually do.

  23. Will there be False Flags in the coming weeks to aid the incoming Regime with forcible suppression of their opposition?

      1. Are you talking about the Trump supporter that entered the Capitol who previously said “we got to rip Trump out of office” and “we ain’t waiting until the next election”?

    1. “Apple has launched a set of initiatives intended to help address systemic racism.”

      Will they have suicide nets for this too?

      Life and death in Apple’s forbidden city

      In an extract from his new book, Brian Merchant reveals how he gained access to Longhua, the vast complex where iPhones are made and where, in 2010, unhappy workers started killing themselves

      Brian Merchant
      Sun 18 Jun 2017 04.30 EDT

      A Reuters journalist was once dragged out of a car and beaten for taking photos from outside the factory walls. The warning signs outside – “This factory area is legally established with state approval. Unauthorised trespassing is prohibited. Offenders will be sent to police for prosecution!” – are more aggressive than those outside many Chinese military compounds.

      If you know of Foxconn, there’s a good chance it’s because you’ve heard of the suicides. In 2010, Longhua assembly-line workers began killing themselves. Worker after worker threw themselves off the towering dorm buildings, sometimes in broad daylight, in tragic displays of desperation – and in protest at the work conditions inside. There were 18 reported suicide attempts that year alone and 14 confirmed deaths. Twenty more workers were talked down by Foxconn officials.

      And, yes, the body-catching nets are still there. Limp and sagging, they give the impression of tarps that have half blown off the things they’re supposed to cover. I think of Xu, who said: “The nets are pointless. If somebody wants to commit suicide, they will do it.”

      https://www.theguardian.com/technology/2017/jun/18/foxconn-life-death-forbidden-city-longhua-suicide-apple-iphone-brian-merchant-one-device-extract

      1. Are they going to charge less for their products for people of color or other discriminated classes? Doubtful. Just more talk

        1. Discount? They expect them to pay more. I’m surprised that there isn’t a LeBron James special edition iPhone being offered. Aren’t the most expensive sneakers marketed to POCs?

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