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This Was A Great Business But We Would Like To Get Out

A report from Real Estate Weekly. “Ninety percent of workers from New York’s financial heart are still operating from home. Nearly half of Lower Manhattan’s population has left, and three hotels and over 160 retail business have closed for good, according to the Alliance for Downtown New York. These shifts created downward pressure on the residential rental market, pushing rents down 18 percent to nearly $3,300 – the lowest since 2011.”

The Seattle Times in Washington. “A ‘rare opportunity’ on Capitol Hill will transform a just-finished apartment building planned for upscale market-rate rentals into affordable housing for people who are currently homeless. The sale, expected to close next month, is an unusual deal in Seattle’s once-hot apartment market. On Capitol Hill, rents have dropped for the first time since at least 2011.”

“‘There’s a class of buildings where folks say: OK this was a great business line but we’re not sure about the future. We would like to get out,’ said Debbie Burkart, national vice president for a nonprofit affordable housing investor that will provide LIHI a loan for the Capitol Hill building. ‘That creates an opportunity on the flip side for public-private partnerships… A building like this shouldn’t just be bought and held and kept empty until the market turns around.'”

“While property owners sometimes made similar offers before the pandemic, Emily Alvarado, head of the city’s Office of Housing, said her office has seen an uptick in interest from building owners or developers looking to sell. Rents for small studios and one- and two-bedroom apartments owned by developer NexGen Housing Partners have dropped 10% to 15% compared to a year ago, said CEO Daniel Stoner. About 10% of the apartments are vacant, compared to 4% or 5% pre-pandemic, Stoner said.”

“Stoner said he expects to continue developing small apartments. For firms that construct buildings and plan to hold onto them, ‘we can ride it out,’ Stoner said. ‘For those who build and flip, they’re in a much more tenuous position.'”

“Brad Padden, a developer whose firm built micro-apartment projects across Capitol Hill and First Hill, saw a similar trend. Rents for new leases in his company’s buildings are down about 15% compared to before the pandemic, he said. ‘But our whole business model is built around the lack of affordability for middle-wage incomes,’ Padden said. ‘This idea that people are going to be able to just go live in bigger houses and spread out—that’s just not financially feasible for most people.'”

From Bisnow. “Multifamily owners might have been spared the pandemic pain of their retail and hotel peers, but 11 months into the coronavirus pandemic, they have been beset by rising maintenance costs, rent concessions and tenant turnover, eating into their margins and stretching their budgets. Equity Residential reported a 2.8% year-over-year jump in expenses across its 76,535-apartment portfolio in Q4, while its total revenue and NOI for the same time period fell 8.2% and 12.9%, respectively.”

“AvalonBay Communities faced similar headwinds, with the REIT reporting a 5.8% rise in operating expenses for its established communities between the fourth quarter of 2019 and 2020 and a 14.3% drop in NOI. ‘The biggest difference when it comes to an Avalon Bay or an EQR is that they are continuing to see declining rents in their major markets and are exposed to the San Franciscos, Bostons and New Yorks, and so far, only a few bargain hunters are starting to come back [to those markets],’ Piper Sandler Senior Research Analyst for REITs Alexander Goldfarb said.”

From Spectrum News in California. “Apartment rents in some of the major core cities across Southern California fell in December by as much as 15%, according to one report, a sign that the coronavirus pandemic had people leaving the big city for greener affordable pastures. According to Apartment Guide, the year-over-year median monthly rental price for a one-bedroom unit in Los Angeles fell by 15.5% to $2,683; Anaheim is down 12.5% to $2,040, and Irvine dropped 9% to $2,492.”

“‘There has been a trend over the past year where notoriously expensive cities — NYC, San Francisco, L.A. to name a few — have seen a big decrease in rent prices,’ said Brian Carberry, senior managing editor at Apartment Guide. According to the report, big cities across the nation from San Francisco, Boston, Washington, D.C., to Tampa, Florida all faced downward pressure on rent prices.”

“Zion Perets, the chief financial officer at CGI, did not say whether his company, which owns and operates 25 apartments totaling 2,000 units across four states, increased or lowered rent during the pandemic. Perets did say that it is more challenging to lease to a new tenant when a newer apartment enters the market. Koreatown, for example, is experiencing a flood of new apartments in the area. CGI owns three apartment buildings in that area.”

“‘Many times those new buildings are providing more concessions, and so a tenant approaching the end of their lease has two options: either renew the lease or move to a brand new building and enjoy those concessions,’ Perets said. ‘Again, the difficulty is not only in those new buildings but also the old buildings that find themselves competing with the new product.'”

The Long Beach Post in California. “The Oceanaire apartment complex in downtown will become an affordable housing project for middle-income earners for at least the next 15 years under a new pilot program approved by the Long Beach City Council. Because the project will exempt the building from property taxes, it’s expected to cost the city, the county and schools in Long Beach about $1.5 million in year one. The city alone is expected to lose about $8 million in tax revenue over the course of the pilot program. All tax collecting bodies are anticipated to lose about $43 million.”

“The Oceanaire opened in 2019 as the city’s newest luxury apartment complex, and a spokesperson told the Post in early 2020 that it expected to be near 90% capacity by the summer. However, as of January, only about 71% of the units were occupied, according to a city report.”

The Korea Economic Daily. “South Korean investors in the Drew Las Vegas development project are at higher risk of losing their investment of 300 billion won ($271 million) in the stalled development project in Nevada, after its senior lenders decided to sell the security interest on their loans to a third party. The developer Witkoff Group defaulted on a $2 billion project loan in May of last year, after its construction was shelved due to the COVID-19 pandemic.”

“Although the Korean brokerage firms had granted a grace period on the debt payment, its senior lenders recently decided to exit their investment by selling their security right over the property. Since then, the brokerage houses had held negotiations with the unidentified senior lenders to take over their security interest. But they failed to reach an agreement by the Feb. 9 deadline stipulated by the latter, according to investment banking sources on Feb. 10.”

“The Drew Las Vegas is a 68-story building with a floor space of 803,146 square meters consisting of the JW Marriott hotel with 3,780 rooms, casino, convention center and theater. It is one of the tallest buildings in Las Vegas. Since ground was broken in 2007, the property has changed hands a couple of times. ‘We were unable to reach an agreement among ourselves, so we couldn’t take over the security right,’ said an official at one of the four Korean brokerage companies. ‘We will contact the buyer of the security right to find ways to reduce our losses.'”

Related Posts

Getting Ahead Of Buyer’s Remorse

https://www.youtube.com/watch?v=QpSbVF1WVqk https://www.youtube.com/watch?v=poWv_GoIJFY https://www.youtube.com/watch?v=PTRuHXEEBZk https://www.youtube.com/watch?v=pk3CH3ps5g0

This Post Has 84 Comments

  1. ‘For those who build and flip, they’re in a much more tenuous position’

    Way back in 2014 I said that flipping new apartments was a thing. No crystal ball. I simply saw they weren’t making money operating. What could the motivation be otherwise? Well so now the SHHTF.

    ‘On Capitol Hill, rents have dropped for the first time since at least 2011’

    This is another gotdam lie. Rents have been falling in Seattle for years.

      1. It seems like “the wall” presents itself at different ages for different women. I’ve seen 50 year olds who look fantastic, and thirty somethings who have gone completely ogre. I suppose lifestyle and genetics have a lot to do with it.

        I was talking to a rancher woman the other day. She is in her 70s, but she still had cute legs because she was on them all day, every day. Small woman, 100 pounds soaking wet, but she had a noticeably strong physique.

    3. [I mentioned this a few months ago]

      Talked to a guy in the residential biz, several times in a downtown Seattle bar (so a grain of salt) at the height of the building craze. He claimed that there is an assembly line of biz. The investment group would first hire a development firm to get the land, lobby the zoning entities and hire the architectural and design firms. Then they would hire the general contractor that hired dozens of subcontractors, while only doing project management themselves. A third firm would then hire a placement firm to get vacancy up to certain levels (say 80-90%) to get the ongoing value set. The plan was in 2-3 years to sell it to a ‘long-term’ corporation or REIT who would squeeze out the profits.

      This long story was basically to show that there was not 1 entity in charge the whole time. It was basically an assembly line – and no-one cared about the big picture. Until now, until the bagholder has to start making excuses. And the owner is probably a bunch of pension funds …

      1. April 19, 2018

        “‘Palm Beach is completely on fire,’ said Todd Michael Glaser, a high-end homebuilder who made his name in Miami but has lately been concentrating on Palm Beach County. ‘I’ve never seen the amount of $8M to $70M homes as in the last three and a half, four months. It’s staggering.’ It’s not just single-family homes that are hot, but a new wave of high-end condos and mutifamily apartments, especially in downtown West Palm Beach.”

        “Kolter Urban President Bob Vail, who is developing the Alexander, said that there is something of an arms race for amenities in the new supply of high-end homes. ‘You see that across the U.S. There are [apartment] buildings in Atlanta, Denver and Dallas that are nicer and more fully amenitized than condominium units, because that’s what it’s going to take to get people to choose that building,’ Vail said. ‘It’s just sort of a differential advantage. It’s really become a race in those more in-demand markets.’”

        “Though the market is healthy now, the developers agreed a slowdown is possible as new supply takes time to be absorbed, construction costs rise and actionable sites get harder to find. Low salaries in Palm Beach County mean that not many workers can afford high rents. When an audience member asked whether they were concerned with an economic downturn, Vail responded half-jokingly, ‘Condo developers, we don’t forecast those kind of things, you know what I mean? We’re just go, go go,’ he said. ‘And the faster we go, the faster we get to the closing, and then, I’m not going to say we don’t care, but … ‘ The audience chuckled as he trailed off.”

        http://thehousingbubbleblog.com/?p=10407

        1. This whole thing was completely transparent and avoidable, but the PTB only care about blowing bubbles due to blind greed. This thing has been approaching like a slow-moving aircraft carrier on the horizon, yet they chose to ignore it.

    4. I saw this too. I dated a manager for an new apartment building in Downtown LA around that time. Once the occupancy reached a certain level, the building was sold and job was gone.

      Have another friend who was living, until recently, in a new apartment built in the Miracle Mile area of LA for the last few years. It was great for the first year – and this one didn’t even allow the usual “market rate” apartments that bring in the riff-raff.

      However, that building was also sold and once the new management company took over the amenities were neglected and service went downhill fast.

      Build em, fill em, flip em…

  2. ‘But our whole business model is built around the lack of affordability for middle-wage incomes’

    Yeah, well now yer fooked Brad.

  4. ‘NOI for the same time period fell 8.2% and 12.9%, respectively…a 14.3% drop in NOI’

    The magic fairy dust works in reverse. These clowns have probably lost all the equity across the board. But we’re all in this together Sam!

  5. ‘Koreatown, for example, is experiencing a flood of new apartments in the area’

    Flood? Wa happened to my shortage California?

    ‘Many times those new buildings are providing more concessions, and so a tenant approaching the end of their lease has two options: either renew the lease or move to a brand new building and enjoy those concessions’

    That’s the spirit! Kick em while they’re down!

  7. ‘We will contact the buyer of the security right to find ways to reduce our losses’

    But a poster here said Janet has a mastercard? Kick the can, rich people never lose money? Sure is a lot of a$$ pounding going on where central bankers supposedly make sure there are no losses.

    1. “But a poster here said Janet has a mastercard? Kick the can, rich people never lose money? Sure is a lot of a$$ pounding going on where central bankers supposedly make sure there are no losses.”

      – Janet at the Treasury. Powell at the Fed. No one seems to see any problem with this.

      “Stuck In The Middle With You”
      Stealers Wheel

      Well, I don’t know why I came here tonight
      I got the feeling that something ain’t right
      I’m so scared in case I fall off my chair
      And I’m wondering how I’ll get down the stairs
      Clowns to the left of me, jokers to the right
      Here I am, stuck in the middle with you

      Yes, I’m stuck in the middle with you
      And I’m wondering what it is I should do
      It’s so hard to keep this smile from my face
      Losing control, yeah, I’m all over the place
      Clowns to the left of me, jokers to the right
      Here I am, stuck in the middle with you

      – It’s required actually now, since the Fed is buying U.S. Treasuries (bonds) directly, aka “monetizing the debt.” From Constitutional Republic to Banana Republic.
      – Yes, Mastercard, but the 10 Yr. Treasury says that maybe the U.S. is credit rating is not what it once was. The stonk market seems to be sniffing this out. Oh dear! Don’t cry for me Argentina!
      – The Fed has pretty much bailed out Wall St., including banking/finance sector, as well as corporations, but Main St., including small to medium enterprises (SMEs), not so much. The Cantillion Effect. Just look at where the “stimulus” went. Follow the money.
      – There were losses in 2000 and 2008-09 after the previous two Fed inflated asset bubbles popped. There will be losses again this time as well, since the Fed is a one-trick pony and did the same things as last time only MOAR. The mother of all bubbles (MOAB). The Everything Bubble. Losses are not an option. Coming soon to an economy near you.
      – The slow motion train wreck continues apace.

      Humpty Dumpty sat on a wall,

      Humpty Dumpty had a great fall.

      All the King’s horses, And all the King’s men

      Couldn’t put Humpty together again!

      “The greatest evils in the world will not be carried out by men with guns, but by men in suits sitting behind desks” – C. S. Lewis

      1. ” Janet at the Treasury. Powell at the Fed. No one seems to see any problem with this.”

        Is there a problem with having the U.S. financial system overseen by a current Fed chair and former Fed chair at Treasury who are in 100% agreement that Unlimited Quantitative Easing is the right medicine?

        We’re about to find out.

  8. ‘The Oceanaire opened in 2019 as the city’s newest luxury apartment complex, and a spokesperson told the Post in early 2020 that it expected to be near 90% capacity by the summer. However, as of January, only about 71% of the units were occupied’

    So coming up on 3 years and still over a quarter empty. This is how borrowing for a 5% cap rate eats you alive.

      2. I don’t know why they even bother. The other day they said somebody missed a rent payment on a NYC building. Egads, say it ain’t so zeroguts! Entire buildings are going into foreclosure left and right and that’s the big story?

  11. a just-finished apartment building planned for upscale market-rate rentals into affordable housing for people who are currently homeless.

    Working is for chumps. 😕

    1. Yeah, every time I see a homeless person sitting in the bushes, yelling when no one else is around, I think, “I want to be like that!”

  12. We are here from the government and are here to help comrades…

    “A building like this shouldn’t just be bought and held and kept empty until the market turns around.’”

    1. Rigged economic systems that are designed to enrich the “Fat Cats” are looting systems that create bubbles and misapplication of funds to fake wealth creation.
      I’m really ticked off that they messed with real estate, and now they want to rig energy.
      And this fake Media that is non stop about these fake narratives is a enemy of the public. The Media is a big cheerleader for “Real Estate always goes up, stock market etc.”
      And who profited by the Lockdowns but same Fat Cats. The Medical Monopoly and Big Pharma will get Trillions over the Covid 19 Pandemic, with the tab put on the National Debt.
      As long as these Monopolies are controlling the corrupted Government they will continue to get policy that only benefits them, not the people.
      When you hear Bill Gates on tape bragging about how he gets 20 to one on his vaccine investments, makes you cringe over their greed.

    2. Here’s an example of “the future of work”.

      Just got my offer to install StarLink, so it’s out of the Boston area Avalon apartment I go and to a 5 year old practically new house on a couple of acres in the mountains. I’ll make an appearance at the office maybe once a month or so once the pandemic terror abates. Might last a couple of years doing that on a steady paycheck. But by then, who cares? I’ll be in low tax land with the house bought and paid for.

      1. When the Internet made its debut to the suburbs back in the 90s I recall the futurists talking about working from home, far from the office. Amazing that it took a pandemic to finally nudge us in that direction.

        1. Thank the fact that the type of people who gravitate into corporate management are micromanager control freaks by nature.

  14. What could go wrong?

    This new 5 year plan will work! We promise!!!!

    Jerome Powell told the Economic Club of New York on Feb 10, 2021:

    “maximum employment will require more than supportive monetary policy…

    It will require a society-wide commitment, with contributions from across government and the private sector.”

    1. And kicking out about 25 million illegal immigrants.
      And teaching actual course material in high schools instead of engaging in ist-griping while saving the actual learning for $60K/year college.
      Bridges don’t hold themselves up.

    1. I’m not sure who in their right mind would say, “hey, Iet’s go live in the CHAZ!” Many of those places have no off-street parking, so your car is likely to suffer dents and broken windows at best, and turn into a smoldering pile of ash or disappear altogether at worst. Not to mention the threat of physical and verbal abuse on a daily basis. Not my kind of lifestyle.

    2. Portland police officers ‘guarding’ Fred Meyer dumpsters as residents seek discarded food

      Dumpster diving in WOKElandia

  16. Luxury apt for the homeless………advertised as “perfectly tailored for city living.” Inside, studio apartments are less than 300 square feet

    The sale will cost LIHI roughly $240,000 per apartment. Building a similar development from scratch could have cost $325,000 a unit, Lee estimated.

  17. Another gibs article, Politico (2/17/2021):

    “Proponents of debt cancellation have increasingly framed the debate as a racial justice issue, noting the disproportionate burden of student loan debt on borrowers of color.

    Color of Change, a racial justice group, released a poll this week showing that two-thirds of Black voters “strongly support” canceling student loan debt. The survey found that 40 percent of Black voters would not vote for a candidate who opposes canceling student loan debt.

    Arisha Hatch, the group’s vice president and chief of campaigns, called Biden’s comments about student debt on Tuesday night “deeply disappointing.”

    “It’s definitely out of step with the Black voters who not only elected him but who also delivered the majority for Democrats,” she said. “It will require more pressure for him to fully understand how important this is to Black voters and many other progressive voters.”

    https://www.politico.com/news/2021/02/17/student-loan-forgiveness-biden-469677

    1. Do you pronounce black with a capital B differently? Like louder or something? BTW, get up off yer knees students.

      1. I was in Georgia earlier this week and when driving south on 75/85 into downtown Atlanta there is a billboard that says “Covid relief now, vote January 5th, Jon Ossoff for Senate.”

        Not jobs, not re-opening the economy, not sending kids back to school, just endless, infinite gibs.

        1. Not jobs, not re-opening the economy, not sending kids back to school, just endless, infinite gibs.

          As long as Whitey, Wong, Panjeet and Yun work to pay for it, what’s the problem?

          1. Speaking of the gibs, is the stim package still lost in limbo? Last I heard Dem senators were still arguing over the $15/hr minimum wage portion of the bill.

    2. “’I’m prepared to write off a $10,000 debt, but not 50,’ Biden told the audience member, responding to the issue directly for the first time as president. ‘Because I don’t think I have the authority to do it by signing the pen.’”

      So somewhere between the amounts of $5,000 and $50,000 this guy thinks he has the authority to simply write off student debts willingly acquired by thousands of strangers. And the holders of these debts will then be left with what?

      We live in a bizarre world.

      1. “And the holders of these debts will then be left with what?”

        These are banks who buy and sell government guaranteed student loans in bundles, and many of their loans are non-performing, and they want to be made whole again. Whenever Biden gets around to “a flick of a pen” the money will go directly to those lenders.

        1. Biden gets around to “a flick of a pen” the money will go directly to those lenders.’

          Eventually that money will be as worthless as the effort that’s gone into earning it

        2. Good observation. It seems like what is really happening is a reallocation of unrepaid debt, due to force majeure, between creditors (banks) and debtors (students).

    3. I have read many articles which stated the wealthier individuals would benefit far more than any other group. This reeks of another libtard tantrum not unlike the SALT deduction garbage.

  18. New York Times — Should the Feds Guarantee You a Job? (2/18/2021):

    “On paper, at least, a job guarantee would drastically moderate recessions, as the government mopped up workers displaced by an economic downturn. But unlike President Franklin D. Roosevelt’s programs to provide jobs to millions displaced by the Great Depression, the idea now is not just to address joblessness, but to improve jobs even in good times.

    If the federal government offered jobs at $15 an hour plus health insurance, it would force private employers who wanted to hang on to their work force to pay at least as much. A federal job guarantee “sets minimum standards for work”

    Based on 2016 employment figures, and assuming an average cost per job of $55,820, including benefits, they found it would cost $654 billion to $2.1 trillion a year, which would be offset to some extent by higher economic output and tax revenue, and savings on other assistance programs like food stamps and unemployment insurance.

    https://archive.is/KSI2j

    1. Just what we need, more entitled workers with a “fock you” attitude who can’t get fired and do an amazingly lousy job at what they’re “hired” to do.

        1. amazingly lousy job at what they’re “hired”

          I know they need someone to pick up Poop in SF, LA, Portland & Seattle. Maybe those jobs. Got in a discussion today about TX falling/not falling apart and comparing it to CA and I stated “Call me when people are Pooping on the streets of Dallas & Fort Worth.
          I later thought about it and thought “Are they currently pooping on the streets of Austin?

    2. By the way, these ridiculous ideas show the extent they are going to to try to sustain an unsustainable asset price bubble. Just let it all crash and then pick up the pieces. Instead, they’re going to bankrupt the entire country trying to stem it.

  19. ‘But our whole business model is built around the lack of affordability for middle-wage incomes,’ Padden said. ‘This idea that people are going to be able to just go live in bigger houses and spread out—that’s just not financially feasible for most people.’”

    Speaking of stupid business plans. Apparently, my sister-in-law in-laws are gambling on penny stocks and so far, the bets have paid off at least on paper (i.e., unrealized gains). They brought stocks at 0.5 cents or lower when its up like 1000% (maybe 5 or 6 cents). Her husband is up $70,000 on $15,000 initial investment. They won’t sell until it up to a million. I assume they expect the stocks to go to 50 cents or something.

    In the meantime, I made like $6K off AMC stocks but my wife is down $10k on the meme stocks (paper loss so far). She was late to the party.

    1. BTW, her husband just started stonks gambling just in Dec and is currently unemployed. I glad that the stimulus and EDD payments are going into good use.

    2. up $70,000 on $15,000 initial investment. They won’t sell until it up to a million.

      It’s a long way from $70,000 to a million. Jeeze, take out $40K and buy PMs.

    3. This is the biggest joke of a stock market in history. Throw a dart, make 5x your investment. I’m honestly at a loss for words when I try to explain these insane bubbles. Bitcoin $50,000 isn’t enough, now it’s Bitcoin $250,000 as of some shill this morning. Then a corresponding story was talking about a million. Sure, for something that you can infinitely replicate. This economy is just a sick joke at this point.

      1. I’m convinced that the Chinese or the Russians (or hell, the Americans, given the upside) are looking for ways to counterfeit bitcoin as we speak. All it takes is one breakthrough in the blockchain code to mine even half a bitcoin, and the whole thing will go to 0.

          1. Not that I know of at the moment. However, just look at the history of computing, or of mankind in general. We have a way of inventing things — or stumbling into things — people thought were impossible even 5-10 years earlier. Who would have guessed that some perve ogling a few dairymaids would lead to saving millions of lives over hundreds of years? Similarly, say some hacker is trying to steal someone else’s abandoned or lost bitcoin key, stumbles onto a bug in the blockchain, and accidentally dupes* that bitcoin. Of course, he probably wouldn’t tell anyone. But if it became known that the longer the blockchain, the more likely a flaw,** then the entire tech comes into question. Then you will have a battle royale between Elon and Satoshi.

            ————
            *reference to the videogame Diablo 1.
            ** well-known phenomenon in fracture mechanics.

      3. “I’m honestly at a loss for words when I try to explain these insane bubbles.”

        “Market analysis has now become central bank analysis. All the old methods of analyzing markets have given way to deciphering what the Fed or ECB will do next.”
– Richard Russell in one of his last Dow Theory Letters, October 2015

        “Earnings don’t move the overall market; it’s the Federal Reserve Board…
        Focus on the central banks and focus on the movement of liquidity…
        Most people in the market are looking for earnings and conventional measures.
        It’s liquidity that moves markets.”         – Stan Druckenmiller

        “They’re keeping the rates down so that everything else doesn’t go down,” Trump said in response to a reporter’s request to address a potential rate hike by the Federal Reserve in September. “We have a very false economy,” – Donald Trump – 9/5/16

        “At some point the rates are going to have to change,” Trump, who was campaigning in Ohio on Monday, added. “The only thing that is strong is the artificial stock market,” – Donald Trump – 9/5/16

        “We are in a big, fat, ugly bubble.” – Donald Trump – 9/26/16

        – So, if we were in “a big, fat, ugly bubble” then (4 and a half years ago), what is it now? Hint: It’s not smaller.

      4. FWIW, there is an upper limit on the number of bitcoins that will ever be issued. Also, its estimated that about 10% of them are permanently lost from people forgetting how to access their wallets. That’s the case with me, mined some amount of them when it first came out but forgot whatever the heck I did with them. Probably a couple hundred thousand $ at today’s rates.

        1. Sure. But anybody can create a new coin. There are literally thousands of them. And they’re all rocketing in unision with Bitcon. See a problem? I do. There is no limit to the number of coins which can come into existence, and they’re all on a price tear. Got mania?

          1. Not all of the coins will go down. When the Internet was commercialized in the early 90s, there were thousands of different websites too, but only a few survived, like Amazon. I would guess that bitcoin is like Amazon.

  20. Is Congress trying to find out if anything illegal happened with the Gamestop drama the past month? I am listening to the audio feed on CNBC and it sounds like they are giving the actors a stern lecturing so far.

      1. The corruption is off the charts. And did you see the threat from Melvin Capital “we will squash you for these lies?” These sick focks need to hang.

        1. The corruption is off the charts.

          Indeed. Look at this Bloomberg headline: Leon Black’s Apollo Global names former SEC chairman Jay Clayton as lead independent director, part of a corporate governance overhaul following a probe into the firm’s links to Jeffrey Epstein. Alas, where else are we gonna go?

  21. There’s no shortage of unhatched chickens in the CRE crater zone.

    “South Korean investors in the Drew Las Vegas development project are at higher risk of losing their investment of 300 billion won ($271 million) in the stalled development project in Nevada, after its senior lenders decided to sell the security interest on their loans to a third party.”

  22. School Board Members CAUGHT Mocking Parents Urging Reopening Of Schools

    2 hours ago

    Parents who are calling for schools to be reopened posted the video of the board meeting at which its members were apparently unaware parents were watching virtually.

    The video shows trustee Kim Beede first asking her fellow board members, “Are we alone?”

    Beede then said describing her reaction to one parent, “Bitch, if you’re going to call me out, I’m going to f**k you up!”

    The video also shows board member Richie Masadas suggesting parents want schools to reopen so they can get back to smoking marijuana during the day.

    He said his brother had a medical marijuana service and “the clientele were parents with their kids in school.”

    A third board member, Lisa Brizendine, is heard saying parents “don’t know what goes on behind the scenes.”

    “It’s really unfortunate they want to pick on us because they want their babysitters back.”

    https://thelast-news.com/school-board-members-caught-mocking-parents-urging-reopening-of-schools/

    Oakley Union Elementary School Board Meeting

    129,170 views•
    Feb 18, 2021

    https://youtu.be/C3XaJHU7QlY?t=313

    1. We’re all paying through the nose for those babysitters. I don’t recall my property taxes going down when school buildings were using a lot less water and heat.

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