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The Market Cooled, Values Fell, The Bubble Had Burst

A report from the New York Post. “This historic Soho loft is in contract to sell for the low price of $4 million. The sprawling loft first went on the market for $10.95 million in 2013. The seller is artist Edwina Sandys, who was last asking $5.5 million for her quirky home. ‘The loft is worth so much more. I think she just gave up. It’s tragic,’ said a source familiar with the residence.”

The Minneapolis Business Journal in Minnesota. “The market for million dollar homes in the Twin Cities is heating up, but a pair of luxury listings on Lake Minnetonka have dropped in list price by a total of more than $10 million since they hit the market in 2018. An 18,036-square-foot home on Halsted Bay at 3465 County Road 44 in Minnetrista first hit the market in April 2018 for $11.1 million. The price has dropped over time and was just reduced this month to $5.9 million, according to Realtor.com.”

“On the other side of the lake, a 15,858-square-foot home once listed for $14.49 million in 2018 was reduced last week to $9.5 million, according to Realtor.com.”

The San Francisco Examiner in California. “‘I understand that coronavirus affects everybody,’ said Jie Wang, a middle-aged landlord who owns three properties in the Bay Area, one of which is a family-owned restaurant which shuttered last year and remains closed. So the rental income is her only source of income. One of her tenants lost his job and was unable to pay rent. He began to feel guilty about it, ‘and I really understood him,’ Wang said. He told her that he was leaving to go back to his home country, Guatemala.”

“But unfortunately for Wang, the tenant handed his key to his friend who began occupying the unit without paying rent and refusing to vacate. With the courts closed during the pandemic, Wang has been unable to reclaim her rental unit. She has lost 50 percent of her income at a time when she really needs it.”

From Socket Site in California. “Despite some recent misreports in the media, apartment rents in San Francisco haven’t started to rebound, at least not yet. In fact, the weighted average asking rent for an apartment in the city is still holding at around $3,100 month, which is down 22 percent on a year-over-year basis and 30 percent below a 2015-era peak, with the average asking rent for a studio, which is down nearly 35 percent from peak, still under $1,900 a month and the average asking rent for a one-bedroom closing in on $2,600 a month and currently down over 28 percent from peak.”

“And while the average vacancy rate for larger, institutional buildings has dropped, driven by aggressive discounting and incentives to sign a new lease, the overall number of units listed for rent in San Francisco, including units in larger buildings as well as one-off rentals, is still twice as high on a year-over-year basis and has actually inched up over the past two weeks in the absolute.”

From Arlington Now in Virginia. “The year-long (and counting) pandemic has caused a large increase in the apartment vacancy rate in Arlington. Some of Arlington’s landlords have responded to high vacancy rates by lowering rents. But landlords also have another tactic to fill vacant apartments, by taking long-existing units off the market for long-term tenants and switching them to hotel units or short-term rentals. The County Board should scrutinize these requests and consider the benefits of abundant housing, even if it means large landlords must charge competitive prices. Renters should be the ones benefiting from the lower demand.”

“Arlington’s vacancy rate is relatively high at 9.4% across the county. This is slightly above what is considered healthy for a rental market (7-8%), but it is still below the rate that would be worrisome. County-wide, landlords have responded by lowering nearly 15%. However, given that Arlington had a 4% vacancy rate before the pandemic, it is not surprising that landlords would look for other options to reduce the number of vacant units they carry.”

From Tucson.com in Arizona. “Downtown Tucson’s newest apartment complex is commanding monthly rents of more than $4,000, spurring interest from other investors to build more units. As more students choose to live in the new towers right on campus, outlying student housing complexes have been seeing higher vacancy rates, Evan Hyde, a project manager for Cruachan, told members of the Rio Nuevo board. ‘Student housing in downtown Tucson isn’t thriving as it was when it first went in,’ he said.”

“Hyde said they plan to cut some of the large, four- and five-bedroom units that rented per bedroom, and turn them into traditional apartments. With more than 20% vacancy at the Cadence, the building has become ‘underutilized’ and having year-round residents could help downtown’s recovery from the pandemic, he said.”

The Globe and Mail in Canada. “When Stephanie Hunter and Braden Bonwick were searching for a house in the Niagara region, they were given a brief opportunity to view the properties and were advised to provide a cover letter and photo of themselves as they competed with dozens of buyers for homes that were selling for $100,000 over the asking price.”

“‘It felt like we were playing a game of chance,’ Ms. Hunter said. ‘You have 15 minutes to look at a place while a line of agents and their clients is forming outside the front door asking if you’re almost done. Then finding out the home you just had 15 minutes to look at had 65 viewings that day and all offers have to be in by 5 p.m. tomorrow.'”

“Welcome to the small city housing frenzy, where Toronto and Vancouver real estate tactics have become the norm. There are no home inspections and no conditional offers – and bids are routinely well over asking. The benchmark price of a detached house in Barrie reached $721,000 in February. That was almost $100,000 more than three months ago and about $200,000 more than a year ago, according to Canadian Real Estate Association data. Three years ago, the price of a detached house in the city was less than $500,000; five years ago, it was less than $400,000.”

“In Prince Edward County, a popular vacation area for Torontonians and Quebeckers, a local realtor says prices have become disconnected from reality. Treat Hull, who has sold properties in the county for almost a decade, said his region is in a real estate bubble. ‘I am really worried that we’re heading for a train wreck à la Toronto in 1990. I hope I am wrong,’ he said.”

The Toronto Sun in Canada. “Just in case anyone isn’t yet exhausted from the seemingly endless discussions around how the Toronto housing market is completely loco, yet another week has passed and the spring market is in full swing. And it’s still completely loco. Properties — the good, the bad, and the, quite literally, ugly — continue to trade in a frenzy, commanding multiple offers and fetching bank robber prices.”

“Sellers appear to be delighted, buyers seem to be a mixed bag of resolute and furious, and the rest of us, well, the rest of us are wondering what to make of it all. The new million-dollar question is what happens next? I have yet to speak to anyone who believes this is sustainable. Is this a bubble or an affordability crisis? Beyond semantics, is there even a difference?”

“From what I can observe, we’re well past the point where people’s frustrations have begun to give way to anger and indignation, economists’ careful analysis has started to openly betray alarm, and politicians have started to float ways to intervene in order to cool things down. One need only look behind us to see how it usually goes when government steps in to slow down a real estate market.”

“Short answer: Not well. Let’s go back to 1974 when, in an effort to cool down dramatically rising prices in a market driven by speculative investment, the Ontario Land Speculation Act was introduced by the provincial Conservatives. A standalone tax to accompany federal capital gains taxation, which added a 20% levy on profits from speculative investment. In theory, a good idea — reduced profits should mean reduced incentive for investors to compete with end users for real estate.”

“As the story goes, the real estate market was brought to its knees almost overnight. Investors offloaded holdings and stopped all new acquisition. Liquidity in the marketplace was substantially reduced. Prices came down but so did demand. The owner-users that the government has purportedly stepped in to save now had houses they couldn’t move. Oops.”

“The act was repealed 1978. In April 2017, facing an affordability crisis similar to today’s, Ontario Liberals implemented a foreign buyer tax in an attempt to cool things down. A 15% tax on all real estate held by non-resident foreign nationals, the idea being that it would disincentivize foreign buyers, thereby reducing competition and bringing down prices.”

“The legislation had an almost immediate calming effect. By that June sales were down 37.3% from the year before. And what we eventually came to understand was that while we had largely overestimated the extent to which foreign buyers were actually driving the market, we had vastly underestimated the impact such an intervention would have on buyer psychology in the marketplace. People were spooked.”

“The market cooled. Home values fell. The market hadn’t just moderated — the bubble had burst. And it was the Liberals holding the pin.”

“It’s entirely another when policy is implemented with a sledgehammer, resulting in largely unintended effects while missing the mark on the intended objectives. In a country where it is estimated 60 to 65% of the average household’s net worth today is tied up in real estate, such a thought is terrifying. Hearing that the Feds are studying the idea of imposing a capital gains tax on primary residences is chilling. How can that even be a conversation right now?”

“The Toronto real estate market is out of control. Low interest rates, intense demand, steep competition, and stimulus money flowing through our tenuous pandemic economy — it’s a perfect storm. So rather than throw around ideas for heavy-handed interventions that could easily blow things up entirely, let’s hope our politicians lean into careful moderation.”

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This Post Has 92 Comments

  1. She gave it away…OMG…not.

    .‘The loft is worth so much more. I think she just gave up. It’s tragic,’ said a source familiar with the residence.”

    1. Yeah, it’s so tragic – she paid $950K for it in 1995, so of course it should be worth 10x more!!!

    2. Yeah, that’s a tragedy for sure, right up there with Macbeth and Oedipus Rex and all that stuff. We need a 21st century bard to chronicle the woes of the poor sellers dealing with all this pain.

  2. ‘In a country where it is estimated 60 to 65% of the average household’s net worth today is tied up in real estate, such a thought is terrifying. Hearing that the Feds are studying the idea of imposing a capital gains tax on primary residences is chilling. How can that even be a conversation right now?’

    Yes, the legendary soft landing. Yer fooked Canadia. These idiots at the guberment and central bank screwed up again.

    Goes to show it’s the lending gravy that drives these things, not supply and demand, blah blah.

  3. You know how he feels and understands about you?

    Dumb fooking gringo.

    “One of her tenants lost his job and was unable to pay rent. He began to feel guilty about it, ‘and I really understood him,’ Wang said. He told her that he was leaving to go back to his home country, Guatemala.”

  4. ‘With more than 20% vacancy at the Cadence, the building has become ‘underutilized’

    Good thing they aren’t building more.

    Oh, wait…

  5. Just a FYI.

    Try this is Guatemala. Not a good time for the moocher…

    “But unfortunately for Wang, the tenant handed his key to his friend who began occupying the unit without paying rent and refusing to vacate. With the courts closed during the pandemic, Wang has been unable to reclaim her rental unit.

    2. And this crap is why everyone wants to come to the US. We’re too damn honest and they’re coming to take advantage, knowing we’re too “polite” (or woke) to object.

  6. ‘It felt like we were playing a game of chance…You have 15 minutes to look at a place while a line of agents and their clients is forming outside the front door asking if you’re almost done. Then finding out the home you just had 15 minutes to look at had 65 viewings that day and all offers have to be in by 5 p.m. tomorrow’

    And feeding the penguins Stephanie. Stock up on anchovies.

    ‘The benchmark price of a detached house in Barrie reached $721,000 in February. That was almost $100,000 more than three months ago and about $200,000 more than a year ago, according to Canadian Real Estate Association data. Three years ago, the price of a detached house in the city was less than $500,000; five years ago, it was less than $400,000’

    Again, can the “experts” not see this is out of control? Fear not, the fools running things will cover their a$$es, cut the market off at the knees, and the bagholding FBs will sing their tales of woe.

    2. [the good news or bad news]
      Policy makers did see the problem with housing – but they were willing to have it to prevent seizing up of the rest of the economy (from their point of view). I think that the ramifications will be severe in 2 years – and many/most people that splurged (including on HELOCs) will be in trouble. Also remember, that there are not non-recourse loans in Canada – they will hound you for years for lost money


      Former Bank of Canada Governor Stephen Poloz thinks the heat in the domestic housing market is an acceptable trade-off to take after the Canadian central bank and its global counterparts slashed interest rates in a bid to stave off the worst of the potential pandemic-induced carnage.

      “We cut interest rates in order to boost the economy. Well, if we’re not going to have a hot housing market, we won’t have any reaction at all to [low rates], and so that’s all part of the side-effect of the job you’re there to do,” Poloz, now a special advisor at Osler, Hoskin & Harcourt, said in a television interview Thursday.

      “If the side-effect is a hot housing market, that’s one I’ll take every day.”

      Under Poloz’s watch, the Bank of Canada slashed its key interest rate three times in the early days of the pandemic, dropping the benchmark to 0.25 per cent from 1.75 per cent over the course of March 2020 alone.

      1. I have a friend who lives in Barrie. Previously, he’s owned his own businesses but due to the slow-down he’s taken a warehouse job for $18.50 an hour. That’s the kind of jobs that are available in Barrie. I’m not sure who can afford a 700 K house.

        1. ‘Previously, he’s owned his own businesses but due to the slow-down he’s taken a warehouse job for $18.50 an hour.’

          And is that a CAD $18.50/hour?

          2. “And is that a CAD $18.50/hour?”

            Likely didn’t go to Ƨkool as that’s roughly $14.75 in U.S. per hour, not exactly tall cotton.

        2. You are correct that Barrie does not have a lot of industry – and is the largest town at the center of cottage country

          From personal knowledge – finance and high tech workers are moving to Barrie anticipating that they can continue to work (mostly?) remote.

          They are anticipating that regular living is the same as renting out a cottage for 2 weeks – we shall see if this works out for them

          1. a detached house in Barrie reached $721,000

            I’ve been through Barrie nearly every year for the past few decades, on the way to fishing camp. I didn’t see the pot of gold. My Canadian friends are crazy.

          2. For comparison, Mount Airy, MD is a small town 60 minutes from both DC and Baltimore (probably 90 mins in traffic). In that town:

            3/3 rowhouse: $300K-$350K
            4/4 new McMansion: $650K
            3/2 rancher: ~400K

            Here’s a house that I expect to be a red hotcake: 3/3 rancher on 1.25 acre: Needs paint and a roof but otherwise in good shape. Seems like a great place to w@h 3-4 days/wk, with room for kids and gardens. 4 days on market $370K.

            https://www.zillow.com/homedetails/1005-Muller-Rd-Westminster-MD-21157/36795688_zpid/

          3. The washer machine should be on the left, dryer on the right. Most front loading washers have the door hinge on the left, dryer on the right. Hence, if you swap their positions both the doors will swing to the center, and the clothes will have to be lifted over the two doors.

          4. the door hinge

            Never had a front loading washer but all the dryers I’ve owned had facility for moving the hinges to the other side as have all the refrigerators.

    3. Google search just now for “Canada housing bubble 2021:
      About 22,400,000 results (0.74 seconds)

      ————

      – While I know this applies to Canada, it could just as well be any country with a central bank, and in fact, is. “Smartest guys in the room.” PhD’s. Lord, save us!

      ————

      Doug Kass, “When everyone thinks central bankers, money managers, corporate managers, politicians or any other group are the smartest guys in the room, you are in a bubble.” (TheStreet)

      ————

      Greenspan, Bernanke, Yellen, Powell, etc.: Don’t Blame Me…

      https://www.federalreserve.gov/boarddocs/speeches/2002/20020830/
      Remarks by Chairman Alan Greenspan
      Economic volatility
      At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming
      August 30, 2002

      “The struggle to understand developments in the economy and financial markets since the mid-1990s has been particularly challenging for monetary policymakers. We were confronted with forces that none of us had personally experienced. Aside from the then recent experience of Japan, only history books and musty archives gave us clues to the appropriate stance for policy. We at the Federal Reserve considered a number of issues related to asset bubbles–that is, surges in prices of assets to unsustainable levels. As events evolved, we recognized that, despite our suspicions, it was very difficult to definitively identify a bubble until after the fact–that is, when its bursting confirmed its existence.”

      “Moreover, it was far from obvious that bubbles, even if identified early, could be preempted short of the central bank inducing a substantial contraction in economic activity–the very outcome we would be seeking to avoid.”

      ————

      “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.” – Ben Bernanke

      “Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.” – Ben Bernanke

      “The Federal Reserve will not monetize the debt.” – Ben Bernanke

      “We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.” – Ben Bernanke

      “Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.” – Ben Bernanke

      – Somehow, I’m drawing analogies to “The Blues Brothers” movie, where, also, like GS, Jake and Ellwood were “on a mission from God,” or “doing God’s work,” or something. Recall that they proceeded to mostly destroy the city of Chicago and the everything else they touched. Not unlike the Fed, IMHO…

      ————

      “It is ludicrous to believe that asset bubbles can only be recognized in hindsight,” he wrote. “There are specific identifiers that are entirely recognizable during the bubble’s inflation. One hallmark of mania is the rapid rise in the incidence and complexity of fraud…. The FBI reports mortgage-related fraud is up fivefold since 2000.” Bad behavior was no longer on the fringes of an otherwise sound economy; it was its central feature.” – Michael Burry, The Big Short: Inside the Doomsday Machine

      ————

      “If it looks like a duck, quacks like a duck, it’s a duck!” – Robin Cook, Crisis [Just substitute the word “bubble” for “duck” and you won’t be far wrong.]

      ————

      “You know, if baseball umpires were on the front page of the sports section every week [referring of course to central bankers], you’d know something was desperately wrong with the game.” – Jim Grant, on Central Bankers

      ————

      – The arsonists are in charge of the fire brigade. Am I wrong?

  8. ‘Despite some recent misreports in the media, apartment rents in San Francisco haven’t started to rebound, at least not yet’

    Somebody is a lion. I’ve seen this bottom picking “journalism” quite a bit lately.

    ‘In fact, the weighted average asking rent for an apartment in the city is still holding at around $3,100 month, which is down 22 percent on a year-over-year basis and 30 percent below a 2015-era peak, with the average asking rent for a studio, which is down nearly 35 percent from peak, still under $1,900 a month and the average asking rent for a one-bedroom closing in on $2,600 a month and currently down over 28 percent from peak’

    2015 peak. Sinking like a turd in a well for years. How do those 5% cap rates look now?

    1. Ahem…

      https://www.streetinsider.com/PRNewswire/Now+May+Be+the+Best+Time+to+Save+Thousands+on+a+Lease+in+the+Nations+Largest+Tech+Hubs%2C+According+to+Realtor.com%C2%AE+Rental+Report/18131071.html

      ‘Rents continued their downward spiral in many of the nation’s largest housing markets in February, but they may have hit their bottom, according to the realtor.com® Monthly Rental Report released today. For those looking to move or return to the big city, acting now while rents are still at their lowest could mean saving thousands of dollars a year.’

      ‘Housing markets like San Francisco, Santa Clara, Calif., Boston and Seattle have seen rents decline by double digits since the start of the pandemic and rent growth across the nation remains lower than pre-COVID levels. However, the downward trend is leveling off and rents may have hit their bottom in many markets,’ said realtor.com® Chief Economist Danielle Hale. ‘With the COVID-19 vaccination rates improving, returning to work and the city may be on the minds of many. For those looking to capitalize on rock-bottom rents, finding a new unit now could make sense. You’ll not only save money, you’ll have less competition finding the location that’s best for you.”‘

      ‘In San Jose, Calif., situated in the heart of Silicon Valley, median rent was $2,690 in February, 13.2%, or $410, less than a year earlier. Renters signing a 12-month lease today would save nearly $5,000, compared to pre-pandemic prices for the same unit. They’d save almost as much in neighboring San Francisco, where rents were down nearly 13% from a year ago in February.’

      It’s down twice that, not including vacancies and concessions. Did you hear that one third of airboxes out there are sitting empty? What the NOI on that? ZERO!

  9. How marxists and socialists work.

    Create the problem.

    Then create a solution that gets more marxism into law and gives you more power.

    Repeat.

    “The Toronto real estate market is out of control. Low interest rates, intense demand, steep competition, and stimulus money flowing through our tenuous pandemic economy — it’s a perfect storm. So rather than throw around ideas for heavy-handed interventions that could easily blow things up entirely, let’s hope our politicians lean into careful moderation.”

  10. Real Journalists.

    I haven’t seen the updated Associated Press style guide yet, but the city of Miami Beach implemented a 8pm curfew because of “spring breakers.” Where exactly are these spring breakers on spring break from? The spring breakers in their mid 20s and older are all grad students on spring break? Who knew that when all these future doctors and astronauts went on “spring break” they would get violent?

    1. The CCP virus be smart.

      At 7:59 PM – dormant and peaceful

      ONE MINUTE LATER…

      Out of control Jason type destruction

    1. BAHAHAHAHAHA.

      YEAH…not.

      “The home is worth an estimated $650,000 today, according to Realtor, which is reasonable considering the area is prone to flooding and natural disasters.”

          1. Seems the NFT trend will produce a whole new litany of things to put money into. Eventually you will be able to sell NFTs of your house and watch them go up and down in value. At least that is what Rice Edelman was saying on his show this weekend. The money laundering will be amazing.

  12. I wholeheartedly so not see when the current situation will end. Homes are flying off the shelves in Austin with multiple offers, many of them cash.

    The wealthy have accumulated so much money that many parts of our country are becoming a feudal society. For example:

    “ A single-family home in Citrus Heights garnered a total of 122 offers on its first weekend on the market, indicating the region’s hot housing market is showing no signs of slowing down.

    Home sellers Barry and Anita Jackier told The Sentinel in an interview Saturday they didn’t expect so many offers to come in at one time. According to the couple, most offers were over the $399,900 list price, and one buyer came in with a cash offer of over $500,000.”

    https://citrusheightssentinel.com/2021/03/21/citrus-heights-home-sells-after-receiving-over-100-offers-the-first-weekend/

    1. I was sure this bubble was over a few years ago when interest rates hit 5%. Now I just accept that the bubble will last as long as there is cheap money. The thrill of buying something unaffordable with someone else’s money and thinking it will make you rich by doing nothing is just too enticing for most people to resist. There is still plenty of the air the Fed can push into this bubble. Think of what a house will cost when interest rates go negative. Ten years ago that seemed impossible…now it seems inevitable. There is no price point at which people will stop buying houses as long as they can borrow the money to do it.

  13. Article for all the Lockdown Lovers, Fear Of Living edition.

    CNBC — As the pandemic fades, some Americans are anxious about a return to normal (3/20/2021):

    “When David Dudovitz ventured out to get his first dose of the Covid-19 vaccine last week, it was only the fourth time he had left his New York apartment since the pandemic began, and he wasn’t going to take any chances.”

    These are the kind of people who think that food grows itself on grocery store shelves so that The Poors can deliver it to them.

    “Before heading out, Dudovitz put on his N95 mask, his face shield, and cargo pants with multiple bottles of hand sanitizer in the pockets. When he got to the clinic, he waited outside until they called him in. Once inside, Dudovitz was so worried about catching the coronavirus from the other patients in the lobby that he went to the corner furthest from everyone, took out a plastic shopping bag and put it over his head as extra protection.

    “Several people thought I was crazy,” Dudovitz said. “I was just that terrified. It was just that strong of an anxiety … I just felt like I needed an extra layer.”

    https://www.cnbc.com/2021/03/20/why-some-are-averse-to-return-to-normal-post-covid.html

    You weren’t safe enough, David. You need to secure a ziptie sealing that plastic bag securely around your neck to be 100% safe from the CCP Flu. Trust The Science™ David.

      1. i was just going to say – he is weird – but he keeps his crazyness to himself.

        Its the Karen’s that get in everyone else’s business that are the problem.

  15. This is a globalist narrative.

    Washington Post — The rioter next door: How the Dallas suburbs spawned domestic extremists (3/21/2021)

    I’m not going to post a lengthy article excerpt but the overall tone of the article is anti-Christianity. Globalists do not merely tolerate anti-Christianity, they promote it.

    https://archive.is/cfi8J

    My favorite quote from the article:

    “We ain’t going silently into the night. We ain’t going down. This is Texas”

    The only good globalist is a dead globalist.

    1. You gotta love how the Narrative completely excuses Burn, Loot, Murder and Antifa, who continue to terrorize some metros across the country and will be back for their nationwide encore tour this summer” Burnin’ Down The House!

    2. Globalists do not merely tolerate anti-Christianity, they promote it

      For the Marxist, all loyalties other than the state and the party must be torn down.

  16. This article was published less than an hour ago.

    Washington Examiner — Trump says America is no longer a free society and slams ‘dishonest’ media and Big Tech going ‘wild’

    “No. We don’t have freedom of the press for one thing,” Trump told Lisa Boothe on her new podcast when asked if the U.S. is still a free society. “You don’t have freedom of the press.”

    “Freedom of the press is absolutely gone. And the press is just very dishonest. You see the way they cover the border,” he added. “They’re not going to talk about the border and other things, plenty of other things, I could go through a whole list, but it’s really a terrible thing. It’s never happened to this extent ever before, never happened.”

    Trump’s comments about the media losing reliability fall in line with a poll investigating the public’s views on the matter, finding that trust in the media hit an all-time low this year.

    56% of the poll respondents said they agreed with the statement, “Journalists and reporters are purposely trying to mislead people by saying things they know are false or gross exaggerations.”

    https://www.washingtonexaminer.com/news/trump-free-society-press-big-tech

    Today is Monday, March 22nd and Joe Biden is not the legitimately elected president of the United States.

    1. The MSM can try to paper over the problems; but when the number of people you know who are unemployed and/or victims of crimes grows and grows, it won’t be possible to fool people with cheerleading on the evening news.

    1. Q: What does this have to do with housing?

      A: Property taxes.

      Your property taxes, that you chose to pay, voluntarily, when you bought a house in that woke school district, are paying these public “educators” to do this to your children.

      See also “the Frankfurt School” and “the Long March Through The Institutions” and understand that the globalists have been working on this for decades.

    2. By the time they hit the fifth grade, students in Buffalo are reading advanced BLM studies. Students learn about BLM’s core platform, including “Disrupting the Western-prescribed nuclear family structure.” Destroying the family is endorsed by Buffalo schools.

      At the end of the program, students are asked: “What do you think about our society being organized into separate, nuclear family units?” The implication, of course, is that it’s immoral, that your own family is immoral, and that’s just the beginning.

      Buffalo Public Schools go on to suggest that George Washington, the man who founded this country, was a fraud; that Colin Kaepernick is a moral hero; and that we should celebrate Indigenous Peoples Day instead of Thanksgiving. Apparently, we have no right to give thanks for a country that isn’t ours.

      By the time they hit high school, students in Buffalo are ready to go out into the world to destroy buildings and statues. That’s what they’re being trained for. They’re asked this explicitly: “Why would someone engaging in rioting be protected under the First Amendment?”

  19. Star Tribune — Minneapolis businesses rush to install security shutters after city changes rules to allow them (3/21/2021):

    “Last week, for the first time in months, Dave Hautman took the plywood off his windows and rolled down new metal shutters to protect the Franklin-Nicollet Liquor Store from potential looters.

    Though the retractable shutters cost more than $40,000, Hautman figures they will more than pay for themselves. His store was hit by looters twice last year, racking up losses of more than $250,000.

    “If we didn’t have this kind of security, we’d just pack up and leave,” said Hautman, general manager of the liquor store. “You can’t afford to keep going down this road. It has just become lawless.”

    Could you imagine voluntarily choosing to pay property taxes here?

    “From small retailers to corporate giants such as Target and Ameriprise, property owners are rushing to take advantage of a new ordinance in Minneapolis that allows them to use retractable metal shutters and roll-up gates to protect their assets. Even the city of Minneapolis has joined the movement: The Police Department was one of the first to add retractable shutters to its downtown First Precinct. The Federal Reserve Bank of Minneapolis also began installing shutters on its front lobby windows last week.

    The Minneapolis City Council unanimously agreed to overturn its ban on external security equipment in December, four months after a Star Tribune report found widespread interest in the devices in the wake of last year’s riots.

    Though St. Paul has long allowed the use of external shutters as long as owners request a permit, Minneapolis limited security shutters to the inside of a property, leaving windows and doors vulnerable to attack. In a report justifying the ban, Minneapolis officials argued that external shutters “cause visual blight” and create the impression that an area is “unsafe” and “troublesome.”

    Create the impression? Does being randomly carjacked, pulled out of your vehicle, and beaten in the street by a feral mob of Burn Loot Murder create an impression too?

    “But in the wake of the riots, property owners complained that they can no longer count on the city to protect their property. Altogether, more than 1,500 businesses in the Twin Cities were damaged during the civil unrest that followed the death of George Floyd, causing an estimated $500 million in losses. Financially, it is the second costliest case of civil unrest in modern American history.”

    https://www.startribune.com/minneapolis-businesses-rush-to-install-security-shutters-after-city-changes-rules-to-allow-them/600037024/

    Does this country even have a future?

    1. But these are just peaceful protests the MSM said. Why can’t these people protests for their rights? And loot at the same time?

      #WeAllInThisTogether

  20. i thought that government and contractors were continuing to spend (and not cutting back) – so no need for folks to leave their rental units.

    Was there just so much construction that vacancy is approaching 10%

    “Arlington’s vacancy rate is relatively high at 9.4% across the county. This is slightly above what is considered healthy for a rental market (7-8%), but it is still below the rate that would be worrisome.

  21. Given that homes are selling like red hot hotcakes, would now be a good time to enter the used home sales profession?

    1. Real Estate
      New Realtors Pile Into Hot Housing Market. Most Find It Tough Going.
      In January, there were more real-estate agents than homes for sale in the U.S.
      By Nicole Friedman
      March 21, 2021 8:00 am ET

      The red-hot housing market has achieved a number of milestones this past year. Perhaps the most telling is this: There are more real-estate agents than homes for sale in the U.S.

      This phenomenon reflects both the extremely tight supply of homes on the market and how surging prices are persuading tens of thousands more Americans to try their hands at selling real estate.

      Michael Mitchell in Boston is one of them. He signed up for a real-estate course in June after being furloughed from a managerial position at a regional restaurant chain. He greeted the new profession enthusiastically, thinking his skills and focus on customer experience developed during 30 years in the restaurant business would be transferable to real estate.

      He got his license in October, but has yet to land any deals, as Covid-19-related restrictions are limiting in-person interactions with clients.
      …

      1. I actually feel bad for this guy, he was forced out of his management position by tyrannical governors who destroyed their economies for the CCP Flu fraud.

        My cousin and her fiance in Florida work in the restaurant / bar industry and have been allowed (pearl clutcher trigger warning) to continue working at their jobs, the horror!

  23. The Tucson Rio Nuevo board – created to tax and spend with no plan. Sure there have been grandiose hotels, aquariums, zoos and the like proposed and studied to death. Been going at least 20 years. Lots of work for consultants? Nothing ever gets built though.

  24. More Rio Nuevo from AZ Daily Star in 2009
    By Rob O’Dell Arizona Daily Star
    In the nine years since voters approved the Rio Nuevo Downtown redevelopment district, the city has taken in — and spent — more than $77 million in taxpayer money.

    That almost matches the $80 million voters were told to expect the city to put toward an array of museums, a re-creation of Tucson’s birthplace and a Downtown hotel.

    But with that much money spent — and just $28,000 in the bank as of June 1 — none of those jewels of the Rio Nuevo plan is even close to starting construction.

    Instead, the money has gone to restore two old movie theaters, re-create a small piece of the adobe Presidio Wall, build infrastructure for a new Downtown subdivision and plan how to spend even more money.

    Fortunately for Rio Nuevo, in 2006 City Manager Mike Hein was able to get the Legislature to extend the life of the tax increment financing district from 10 to 22 years and up its anticipated haul to $600 million.

    Over the years, as Rio Nuevo’s slow progress came under fire from frustrated citizens, city officials were careful to avoid saying specifically how much money the special taxing district had brought in, and where it went.

    But in the first public audit of Rio Nuevo, a series of Arizona Daily Star public-records requests was able to pin down those financial details — although it was not information the city gave up easily, as many of the records were incomplete, unorganized and lacking in detail.

    The city’s lack of progress hasn’t gone unnoticed in the Legislature, which is poised to pull the redevelopment district’s funding next session to fill expected holes in the state’s budget.

    “That’s definitely possible,” said Tucson Republican Rep. Jonathan Paton, who said efforts this year were blocked by Senate President Tim Bee of Tucson, now running for Congress. “I heard it mentioned this session, but they couldn’t do it because of Tim Bee. They hate these special taxing districts.”

    The news that Rio Nuevo has spent $77 million caught even those who have watched the project closely by surprise.

    “I’m flabbergasted,” said Republican businessman and Downtown landowner Bruce Ash. “It’s incredible they have blown through this money and there’s nothing to show for it. Usually I’m not at a loss for words, and I am at a loss for words. It’s shocking.”

    1. “It’s incredible they have blown through this money and there’s nothing to show for it.

      I’m sure a lot of people were paid handsome salaries to publish bogus studies and conduct plenty of offsite meetings at luxury resorts.

  25. “An 18,036-square-foot home on Halsted Bay at 3465 County Road 44 in Minnetrista first hit the market in April 2018 for $11.1 million. The price has dropped over time and was just reduced this month to $5.9 million, according to Realtor.com.”

    Has Minnetrista run out of multimillionaires looking to snap up a spare investment property?

    Where on God’s earth is Minnetrista, anyway?

    1. Where on God’s earth is Minnetrista, anyway?

      I think it’s a Twin Cities exurb. I couldn’t imagine plunking down $6M (never mind $11M) to live near that cesspool.

  28. American Institute for Economic Research — The End Of America? (3/20/2021):

    “In the United States we now have:

    Emergency measures in many states, which suspend due process of law. This is the hallmark of a police state. Covid-19 is invoked as the reason for the introduction of emergency law – but there is no endpoint for lifting these emergency laws.

    The closures of schools, which break the social contract with the next generation.

    Bills being passed for “vaccine passports,” which bypass the Fourth Amendment to the constitution by allowing the government and Big Tech companies to intrude on medical privacy and to create a comprehensive digital surveillance state.

    Forced closures of businesses. By intervening directly in the economy and allowing certain businesses to flourish (Amazon, Wal-Mart, Target) at the expense of small businesses, Main Street shops, restaurants, and sole proprietor businesses in general, the State has merged government and corporations in a way that is characteristic of Italian fascism, or of modern Chinese communism. (Indeed the fact that tech stocks rose by 27% in one quarter of the pandemic shows one driver of this war against human freedoms and human society: every minute human beings spend in a classroom, at the pub or restaurant, or in a church or synagogue, is time that tech companies lose money by being unable to harvest that data. Covid policies driven by “Covid-19 Response” – tech companies – ensure that humans are not allowed to connect except via digital platforms. The reason is profit as well as social control).

    Restrictions on assembly. Some states such as California are fining people for seeing their friends in their homes, and making it unlawful for kids to have playdates with their friends. Massachusetts restricted gatherings of more than ten people at a time, forcing synagogues and churches to stay closed, in spite of a Supreme Court ruling against states forcing churches to close. Parks, playgrounds and beaches have been closed off. In countries such as Britain, people are fined for leaving their homes for more than an hour’s exercise a day.

    Forced face coverings. In Massachusetts, people are fined if they are not wearing masks outdoors – even children as young as five are forced to do so by law. Again this mandate has not been undergirded by peer-reviewed studies showing medical necessity; and there is no endpoint proffered for these extraordinary violations of personal freedom.

    Suppression of free speech. Big Tech companies are censoring critics of Covid policy and vaccine policy, as well as censoring views that are on the right hand of the political spectrum. “Incitement,” a word that has a long history in the 20th century for closing down free speech, has been weaponized by the left to shut down First Amendment freedoms of expression. In other forms of censorship and management of speech and public debate, tycoons such as Bill Gates have been funding major news outlets, with millions of dollars directed to “Covid education.” As a result, dissenting voices are marginalized and shamed, or even threatened with legal action or job losses.

    Science has been hijacked in the interests of “biofascism.” By heavily funding scientific commentators such as Dr Fauci in the United States, Imperial College and SAGE in the UK, and Dr Christian Drosten in Germany, a dominant set of policies and pronouncements about Covid that benefit a small group of bad actors – notably tech and pharmaceutical interests, acting in concert with governments – have had secured credentialled supporters. But when other scientists or institutions seek debate or transparency, they are threatened with job loss or reputationally attacked, as in the case of Dr Simon Goddeke of the Netherlands, who was told to keep quiet by his university, when he challenged the flawed Covid PCR test protocols.

    Data have been hijacked to serve the interests of this biofascism. This manipulation of truth, which I foreshadowed in The End of America, is typical of the Soviet censors. Covid platforms such as Covid19tracking and John Hopkins University, funded by technocrats such as Michael Bloomberg, serve unverifiable Covid data that directly affect the stock markets. Again, while this un-American merger of corporate interests and public policy is reminiscent of Italian Fascism, the twist provided by digital data presentation and its relationship to the stock market is very much of the 21st century.

    Attacks on religious minorities. The orthodox Jewish community in Brooklyn, and Christian churches in California, have been singled out for punishment if they do not follow Covid rules – a targeting of religion that is characteristic of Communist policies on the left, especially in China.

    Policies that weaken bonds between human beings and weaken the family have been introduced and policed. This is the most serious development of all.”

    https://www.aier.org/article/the-end-of-america/

    Globalists gonna globe.

    2. “We own the house, outright. That’s our house and it’s all in a contract, written, legal, done. He’s been paid the money in his account. How could we have no rights to go into our home,” asked Myles.

      Welcome to the left coast. Enjoy!

      1. And if you do take possession, sounds like leaving on an extended vacation is risky, as you might return and find eviction proof squatters in your home when you return.

    3. Red flags: seller needs $560K in 2 weeks; realtor represents both sides of transaction. IMO, he’s sketchy. If it sounds too good to be true, it probably is.

  31. Nice article and summary of the current situation these Globalist have subjected humanity to. Power Hungry Nazi like worms that should be thrown in a lake of fire for eternity.

  32. “You have a barista look, so you’re not threatening”

    The females on Timmy Tyme telling Ian about his lack of fitness or outdoor exercise. Vitamin D is free, go get it from the sun.

    1. I turned off beanie boy right after that remark. Not a lot of substance. It’s not the same since Luke went on vacay.

  33. After a 4 year hiatus, the assault rifle high capacity magazine Big splash MSM mass shootings have returned.

    jeff
    March 16, 2021 at 6:30 pm

    Just think of all the made for Teevee National trdgedy False Flags you can buy with $1.9 Trillion.

  34. Lansing State Journal
    Absolute insanity: Mid-Michigan’s housing market is
    white-hot

    “They are throwing cash at the houses in order to get them,” Westfall said. Westfall worries about a burst of the current housing bubble, in which the floor falls out …
    5 hours ago

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