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Investors Fear They Will Never Get Their Money Back

It’s Friday desk clearing time for this blogger. “Sellers, at moments, were too aggressive with pricing. Price cuts on homes jumped in August, as some sellers realized they could not get their dream asking price. ‘Many buyers gave up,’ said Ellen Taracido, managing broker with the Collection Realty in Fort Lauderdale.”

“The One is about to cross the auction block, with a starting price set at $295 million and at no reserve. It’s a considerable cut from the initial $500 million developer Nile Niami planned to get for it once it was completed but, then again, The One is neither complete nor does it include many of the features he initially envisioned for it. As spectacular and luxurious as it is, needs to find a buyer. It simply must.”

“Niami, once hailed the king of mega-mansions in California, did get to see his dream home become real, though the price he paid for it is akin to the proverbial fall from grace. Betting big on the fact that California capped the size of mega-mansions after he got approval for The One, he dreamed too big and borrowed too heavily for the project. He also defaulted on those loans, to the point where he’s now $166 million in debt and the property has gone into receivership.”

“The Excelsior Hotel – a century-old landmark on Manhattan’s Upper West Side that was shuttered during the pandemic – has been sold for nearly $80 million to a developer that specializes in converting buildings to pricey residential rentals. Because the Excelsior failed to reopen by Nov. 1, a new city law called for the former owner, Harry Krakowski, to pay severance of $500 per week for 26 weeks for each of his employees.”

“‘Even though it’s billed as a law to help workers, this law will likely force hotels like mine to close, leading to thousands of workers losing their jobs permanently,’ Krakowski wrote. ‘This bill is forcing us to make the financial decision to sell our properties rather than lose more and more money every day waiting for tourists to come back so we can reopen.'”

“It’s very likely house prices, at least in Australia’s two biggest cities, will fall at some point over the next couple of years. That’s the view of three of the four major banks, whose businesses are skewed heavily to residential mortgages. ‘The flood of fixed rate hikes is likely to keep going as the cost of fixed-term funding continues to rise,’ warned RateCity’s research director Sally Tindall after CBA raised its fixed rates again. ‘Six months ago, there were 161 fixed rates under 2 per cent. Today there are just 87 and we expect this number to keep plummeting.'”

“This is far from the first boom prompted by falling interest rates, and it certainly won’t be the first to be ended by rising rates or regulatory limits on borrowing. The Reserve Bank recently reiterated something of a mea culpa for the nation’s unaffordable housing, admitting interest rates were the key contributor, although adding its hands were tied due to global economic forces.”

“Experience during housing crashes, such the US subprime crisis, also suggests that many of the first people to lose their homes would be among the less well-off in society. For those reasons, and the deep long-term economic damage that housing crashes cause, you can bet the Reserve Bank and governments will again be doing all they can to prevent anything more than another ‘orderly correction’ when house prices do start heading south.”

“The cumulative default rate of China’s high-yield dollar bonds is expected to rise to 42 to 45 per cent in the coming three to six months in 2022, from 38 per cent in 2021, said Jack Siu, Credit Suisse’s Greater China chief investment officer. ‘Maybe, a company collapses before it sees the dawn,’ said Wang Yifeng, an Asian credit markets veteran now leading a global credit fund. ‘When it comes to the risk of individual names, you may have to manage your concentration level, as everyone in the market mostly relies on guessing which one will become the next Evergrande or Kaisa.'”

“Citing weak sales and increased refinancing risks, rating agencies Fitch and Moody’s have also downgraded Shimao. Shimao’s sudden plunge – which has taken the group close to being a ‘fallen angel’ reduced to junk bond status – caught investors off-guard. For many months, Shimao’s onshore bonds were also traded at more heavily discounted prices than their offshore bonds, which suggested an asymmetry of information about the group. That compounded a general sense of unease over the company’s lack of visibility – a problem common to many Chinese property developers.”

“Investors were also spooked by reports that homebuyers who recently purchased 96 Shimao properties in Shanghai were not able to register for the transfer of ownership titles as the properties had already been pledged to one of Shimao’s lenders.”

“China Evergrande Group on Friday dialled back plans to repay investors in its wealth management products, in a move that highlights the deepening liquidity squeeze at the property developer that has failed to meet its offshore debt obligations. Evergrande, whose $19 billion in international bonds are deemed to be in cross-default by rating agencies after the developer missed a deadline to pay coupons earlier this month, did not pay offshore coupons due earlier this week.”

“Evergrande said in a statement posted on the wealth unit’s website on Friday that the company would ‘actively raise funds,’ and update the repayment plan in late-March. The situation is not ‘ideal,’ the statement said, as the development’s wealth unit tries to recover capital from the projects it invested in previously and, therefore, the original repayment plan was hard to implement.”

“Evergrande, in common with other heavily-indebted conglomerates, had issued high-yielding wealth management products to investors – a popular way of borrowing from mom-and-pop investors that sidesteps government lending restrictions. As the liquidity crisis deepened at Evergrande, the firm’s wealth unit in late September missed a payment on one of its products, leading to protests by investors who fear they will never get their money back. Some of its wealth investors had refused to accept the embattled company’s plan to provide payment with discounted apartments, offices, stores and parking units.”

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This Post Has 106 Comments

  1. ‘Some of its wealth investors had refused to accept the embattled company’s plan to provide payment with discounted apartments, offices, stores and parking units’

    denial
    anger
    bargaining <- investors you are here.

    1. What’s an individual household investor going to do with a discounted piece of property?

      Wouldn’t it make more sense for Evergrande to liquidate those discounted properties, then distribute the proceeds to creditors? What’s the advantage to them for trying to make payments with illiquid, lumpy property assets?

  2. ‘‘This bill is forcing us to make the financial decision to sell our properties rather than lose more and more money every day waiting for tourists to come back so we can reopen’

    Harry, you did bizness in a socialist sh$thole.

  3. ‘once hailed the king of mega-mansions in California…He defaulted on those loans, to the point where he’s now $166 million in debt and the property has gone into receivership’

    That’s some red hotcakes right there. These investors aren’t going to get paid back either.

  4. ‘Price cuts on homes jumped in August, as some sellers realized they could not get their dream asking price. ‘Many buyers gave up’

    Notice the REIC largely stopped reporting on price cuts? I was reading some woman this morning talking about shortage! We are building the most shacks and airboxes in 48 years.

  5. A reader sent this in:

    Danielle DiMartino Booth

    ‘One of the less appreciated stories of 2022 is declining mortgage originations. Organic (owner occupied) buyers per @Ivy_Zelman
    collapsed from 81% in 2020 to 74% in 2021. The year-on-year GROWTH of investor residential real estate purchases is steepest on RECORD.’

    https://mobile.twitter.com/DiMartinoBooth/status/1476683153863593990

    Remember those reports a week or so ago? Loans were down double digits just about everywhere.

    1. Also at that link:

      Win Smart, CFA

      ‘In Q3 2021, mortgage debt increased $230 billion, the largest quarterly increase since 2006.’

  6. ‘For those reasons, and the deep long-term economic damage that housing crashes cause, you can bet the Reserve Bank and governments will again be doing all they can to prevent anything more than another ‘orderly correction’ when house prices do start heading south’

    There has never been a soft landing for a housing bubble. Plus I think these people are trying to crash the economies of the world. You’ll own nothing, yadda.

    1. CNN — Omicron variant, vaccine hesitancy, blamed for most destructive wildfire in Colorado history (12/31/2021):

      1. Brandon will call this the result of “climate change” and claim how this proves anew that Congress needs to ram through all the green boondoggles in his Build Back Better “infrastructure” patronage and graft racket.

        Separately, while monitoring the #BoulderFires Twitter last night, it was retch-inducing to see all the libtard virtue-signalers with their “sending positive energy to those affected by the fire” Tweets rather than posting any useful or relevant information that might actually be helpful to those impacted by the fires.

      1. Another reason why renters rule, and loanowners drool.

        I am never more than 12 months away from the end of a financial obligation to this place, and as a rich renter (redundant, I know) I could write a check and leave tomorrow.

        1. I am never more than 3 months away from a financial obligation to the place I’m in. I can’t write a check tomorrow, but I could write a check in 3 months from now and walk away with a pretty good profit.

    3. Roughly 1000 insured homes destroyed, homeloaners mostly gainfully employed and about to receive insurance payoffs, what will that do to the home sales / prices over the next 12 months in the Denver area? Consider that replacing the homes destroyed will most likely take far longer than that. I would never invest the $ or time in rebuilding my house should it be destroyed like these have.

      2. One thing is certain. home owners policy premiums in the Centennial State will be going up next year. Every time there are wildfires, the premiums go up. Of course, they never come back down.

  8. ‘For many months, Shimao’s onshore bonds were also traded at more heavily discounted prices than their offshore bonds, which suggested an asymmetry of information about the group. That compounded a general sense of unease over the company’s lack of visibility – a problem common to many Chinese property developers’

    The reporting on China’s collapse is cartoonish. This isn’t lack of visibility. It’s a lion!

    Hey, I got some airboxes in Shanghai, you buy?

    Do you own them free and clear?

    Sure! Let me get back to you.

    How many pesos do you owe?

    30 billions.

    The people shouting open the gates, how much do you owe them?

    Ok, I really owe 50 billion pesos.

  9. ‘On Black Friday, a man and two women walked into an upscale consignment shop on Melrose Avenue. The women started shoving pairs of shoes into their bags and walked out, alarms blaring. In an interview, the man said that one of the alleged thieves, a young mother of two, steals and resells merchandise to pay her rent.’

    ‘That’s how people pay their rent, pay their car loans,’ he said. ‘Going to the mall, stealing clothes, that’s how people have money.’

    ‘I mean, it’s the pandemic, so some people are just struggling,’ said Daniel DeHughes, who was arrested on suspicion of stealing sledgehammers and crowbars from a Home Depot that police believed he and his friends were planning to use in a smash-and-grab in Beverly Hills. ‘They don’t have things, and they want things.’

    ‘Retailers in and around North Hollywood have not experienced coordinated smash-and-grabs so much as thieves simply “taking stuff off shelves,” Stone said. He sees the perpetrators as emboldened, unfazed by possible consequences. “The days of somebody hiding behind a rack and covertly putting stuff in their backpack, it’s not as much like that anymore,” he said. “It’s more: ‘Don’t care. I’m taking this and I’m leaving.’”

    https://www.msn.com/en-us/news/crime/smash-and-grabs-and-follow-home-robberies-captivated-la-the-real-story-was-complicated/ar-AAShR71

    2. IRS wants its cut from looters and other thieves – American Thinker
      https://www.americanthinker.com/blog/2021/12/irs_wants_its_cut_from_looters_and_other_thieves.html

      (snip)

      “The Internal Revenue Service realizes the rampant crime wave in Democrat-run cities is an opportunity for the tax man. And Fifth Amendment protection from self-incrimination apparently doesn’t apply to filing income tax returns, the IRS seems to believe.

      “Patrick Reilly of the New York Post reports:

      “Steal any property or deal any drugs this year? Well, the IRS wants it reported as taxable income. (snip)

      “’If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,’ the IRS told sticky-fingered Americans.

      “The agency also reminded those who’ve pocketed any by cash selling narcotics — or through any number of unspecified ‘illegal activities’ — to report their earnings.

      “’Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,’ the bureau said.”

      😁

      1. Annual cumulative sales greater than $600 on eBay must now be reported on a 1099-K form. Like the comedian said, “They want it all, and you what…they get it!”

        1. Does anyone know how the cash reporting law will be enforced starting tomorrow? In so many words, banks report cash deposits over $10k cumulative for a calendar year. Are banks tracking and sending account info to the fed anyway for cash deposit tally for the year even if it is well below $10K ? I can see this happening if you get Spitzer types who will use multiple different banks to deposit green in. Also, I don’t think it will help if an audit comes up some day and the fed wants to know why you had an unaccounted cash deposit of $xxxx several years prior.

    3. ‘That’s how people pay their rent, pay their car loans,’ he said. ‘Going to the mall, stealing clothes, that’s how people have money.’

      These thieves must be lower-class because middle-class Californians pays their bills with endless HELOC borrowing, and the fed’s Powell keeps the cheap credit flowing by purchasing $40-billion/month of junk MBS.

  10. ‘Business is booming for a Let’s Go Brandon store chain selling anti-President Biden merchandise across New England. Owner Keith Lambert told FOX Business he plans to expand his business into Salisbury and Cape Cod, Massachusetts – increasing his locations from eight to 10 to keep up with the demand’

    ‘A customer came into one of our locations [Tuesday] and bought a Let’s Go Brandon sticker and went out to his car and stuck it over his Biden sticker,” Lambert said. “And that was it, he was just like, ‘I’m done with this guy.’

    ‘The phrase, “Let’s go, Brandon,” took the internet by storm in early October after an NBC reporter at a NASCAR Xfinity Series race incorrectly reported that fans in the stands were chanting “Let’s Go Brandon” following a victory by driver Brandon Brown, when they were really shouting, “F— Joe Biden!” The phrase has since become a wildly popular anti-Biden rallying cry, breaking out at concerts, sporting events and even churches.’

    ‘He also has an online store, called New England for Trump, that sells a wide range of Let’s Go Brandon gear, including shirts, hats, masks, and ornaments. ‘New England for Trump is your one-stop shop for all things Trump and Patriotic,’ the website says. ‘The word is out and the silent majority have spoken!’

    https://www.foxbusiness.com/politics/lets-go-brandon-store-new-england-business

      1. I’m a registered Indy and I don’t think it was legit either.
        Although Trump was an idiot in many ways, at least he acted on securing borders and getting us off CCP dependency.
        Pedo Joe has got to go.

          1. Please, for the love of everything holy, do not shunt Dementia Joe off to the eldercare facility without first ensuring his pathetic babbling diversity hire VP will never occupy the Oval Office – a position for which she is utterly and manifestly unfit.

            Kamala Harris struggles through question on inflation during CBS interview

            https://www.foxnews.com/media/kamala-harris-struggles-question-inflation

            Kamala Harris word-cloud in response to a simple question about what the administration is doing to tackle inflation that is anything but “transitory” as Brandon, Yellen the Felon, and Jerome Powell have been maintaining for months:

            “We have to address the fact that we have got to deal with the fact that folks are paying for gas, paying for groceries, and are — need solutions to it. So let’s talk about that,” Harris said. “Short-term solution includes what we need to do around the supply chain, right? So, we went to the ports of Los Angeles, Long Beach, Savannah, Georgia, and said, ‘Hey, guys, no more five days a week, eight hours a day; 24/7, let’s move the products because people need their product – they need what they need.’ We’re dealing with it in terms of the long term. And that’s about what we need to do to pass Build Back Better. It strengthens our economy.”

            WTF?!!!

  11. AirBnb destroyed every mountain town in Colorado (12/31/2021):

    “It’s not that there are not enough talented people. There is a shortage of people who will get duped into working for $15 an hour,” the Breckenridge patroller said of Lynch’s assessment. “This is about communities running out of cheap labor. People are realizing they are worth more and their quality of life is worth more than an extra dime an hour or whatever.”

    https://coloradosun.com/2021/12/31/labor-shortage-vail-resorts-ski-areas-understaffed-omicron/

    LMFAO@ some rich azzhole crying bout waiting 30 minutes for a latte. No lift lines on my backcountry skis, suckers!!!

  12. Vote like California, become California.

    Colorado Sun — Deaths among Denver area homeless nearly double from five years ago (12/30/2021):

    “The number of people who are homeless in the Denver area doubled from 2020 to 2021, and along with that increase came a surge in the number of deaths among those living outside.

    The most common cause of death, at 46%, was overdose. This was up 6% compared to the year prior, an increase mirrored in statewide statistics for all residents – homeless or not – fueled by the fentanyl epidemic.”

    https://coloradosun.com/2021/12/30/homelessness-deaths-denver/

  13. The Democrat Party is the party of medical genocide (12/28/2021):

    “Ten years from now, for instance, discussion about boosters, vaccine efficacy, health checks, asymptomatic spread, and “flattening the curve” will still be part of our national discourse, permanently ingrained in our collective psyche by the innumerable bureaucracies, corporations, and media entities that see in this “global health crisis” a never-ending potential for grift.

    At a psychological level, liberals gravitate to despotic surveillance measures. Liberalism is a feminine tyranny (Sorry, Ladies!). Like a neurotic mother trying to protect her toddler from every possible pain, the liberal longs for a world without any possibility of danger. The padded cell with every risk and inconvenience removed is her paradise.

    The spiritual inclination toward weakness and ugliness explains why, in the face of all rational decision-making, leftists collectively decided that closing schools, cutting off the elderly from the outside world, and crushing small businesses were the only ways to stop the illness. There was never any concern for the possible social, economic, or political side-effects. In fact, those very pains and challenges made the draconian social measures all the more enticing.

    Crisis gives our decrepit, aging, and ideologically fanatical ruling class something to live for. COVID is just one more narcotic with which to fill the God-shaped hole in the liberal heart. Like any good religion it has its prophets (Fauci) its villains (the unvaccinated) and its own demand for ritual sacrifice—in this case, of the young. And like all religions, it does not tolerate heretics.

    The crackdown on the unvaccinated reveals how deep and rotten the liberal instincts have become. Joe Biden’s pre-Christmas message promising a “winter of death” explains exactly who these people are. The Biden regime will never declare victory over COVID.”

    https://amgreatness.com/2021/12/28/the-everlasting-covid-crisis/

    1. Real Journalists.

      Smear piece against Ron DeSantis (12/30/2021):

      “As Florida reported nearly 47,000 new coronavirus cases, again shattering its single-day record since the start of the pandemic, Democrats and critics called on Gov. Ron DeSantis (R) to do more to address the state’s spike in infections driven by the highly transmissible omicron variant.”

      Remember, there is no such thing as a “case” of COVID.

      “The state on Wednesday reported 46,923 new cases from Tuesday, as the omicron surge nearly doubled Florida’s previous peak over the summer. The state, which broke the record for new daily infections that was just set on Christmas Eve, is averaging more than 30,300 new coronavirus cases a day, according to data tracked by The Washington Post”

      https://archive.fo/IdRGw

      Archive link provided because we do not give clicks and revenue to globalists.

      1. “As Florida reported nearly 47,000 new coronavirus cases,”

        How many of those new coronavirus cases were cans of Red Bull?

      2. FTA:

        While deaths continue to decline in Florida — an average of 18 a day as of Wednesday…

        Perhaps readers are beginning to read all the lines.

  14. The solution to 1984 is 1776.

    Facebook and Instagram Censor Founding Father Thomas Paine (12/29/2021):

    “Both Meta social media platforms — Facebook and Instagram — blocked a quote this week from Founding Father Thomas Paine advocating free speech.

    Reclaim The Net reported that several Facebook and Instagram users tweeted about a common problem they were facing Monday and Tuesday. The “Meta” platforms had either removed posts or temporarily blocked accounts that had uploaded a picture and quote of American revolutionary Thomas Paine.

    “He who dares not offend cannot be honest,” read the quote, published in the Pennsylvania Journal in April 1776.

    Paine wrote the pamphlet Common Sense and pamphlet series An American Crisis, both of which historians have widely credited as highly influential in shaping the American Revolution.”

    https://www.newsbusters.org/blogs/free-speech/brian-bradley/2021/12/29/facebook-and-instagram-censor-founding-father-thomas

    The Day Of The Rope is coming…

    1. The globalists and their Democrat-Bolshevik Quislings are the “domestic enemies” the Founding Fathers’ warned would be a mortal danger to the American Republic. The Constitution is the last major obstacle to the Bolsheviks imposing their agenda, so they will go all out to delegitimize the Founding Fathers as white male slaveowners and patriarchs as a prelude to attacking and abolishing the Constitution itself.

    2. How is it possible that now the CDC admits that the main test used to determine cases of Covid was inaccurate for almost 2 years. That now the new emergency use tests are good some how.
      They used a bogus test to declare a Global Panademic, lockdowns, useless masks, vaccine mandates, massive fear mongering, you name it.

      Declare a Pandemic based on fraudulent testing, inaccurate computer generated projections of what the death count will be, censorship of any dispute, and you off and running with a Medical fraud to justify expiermental vaccines, that aren’t vaccines.

      If the very basis of determining a case is one big fraud, than everything must be stopped immediately . But no , its go out and and get tested, using the new round of emergency use tests, that are just as bogus as the ones that they will discontinue on Dec, 30, 2021.
      Jon Rapparpore, the medical reporter, has been making this point about the fake testing all along, that the bogus testing was the basis of this fake Pandemic all along.
      Then you add that they never isolated the Covid 19 , and it was based on computer sequences (whatever that is) than what is real.
      Than don’t give proper treatment in hospitals , and censoring of meds that did cure these respiratory afflictions.
      Not saying that a bio weapon wasn’t released that they claim is Covid, but the evidence shows that all these cases were not Covid, and hospitals were bribed to have cases labeled Covid. This bribe was contained in the Cares Act, so the taxpayers paid for this bribery.
      And the Fauci Protocol that was pushed in hospitals was a killing protocol, while cheap meds that worked and prevented a ICU visit were supressed and censored.
      Fake News, Fauci and Biden being the voice of the pandemic, and no real informed consent on the fake vaccine.
      And now Israel is on their 4th booster shot of the fake vaccine for the fake Covid, of the fake Pandemic, based on the fake test..
      Countries building prisons for the vaccine non compliant, and many Countries going for forced mandates of vaccines with vaccine passports. They are going after children with this vaccine , when they don’t need this dangerous expierment with this horrible vaccine.
      Cover up of vaccine injury and death , and just how extensive it is , is criminal.
      The Politicians aren’t going to stop all this fraud , so the people are going to have to stop it by not complying to begin with.

    3. All who work for the censor journalists and platform are collaborators. The rope will make no accommodations for “I was just doing my job” excuses. From anchor newsman to janitor. You will all pay.

  15. As spectacular and luxurious as it is, needs to find a buyer. It simply must.”

    I’m sure the buyers will be lined up to buy the most conspicuous target in the People’s Republic of California once the vibrants start organizing their Purge Nights as the former Golden State sinks deeper into dystopia.

  16. “‘Even though it’s billed as a law to help workers, this law will likely force hotels like mine to close, leading to thousands of workers losing their jobs permanently,’ Krakowski wrote.

    Karkowski, were you somehow unaware that NYC is a commie-run socialist paradise?

    1. I’m sure people like him, while they knew that leftists have been running the place for decades, had told themselves that it would never go this far. And they are still in denial, thinking that this state of dysfunction is temporary. Never mind that someone like Rudy Giuliani will never be elected mayor, as the parasites have taken over.

  17. For those reasons, and the deep long-term economic damage that housing crashes cause, you can bet the Reserve Bank and governments will again be doing all they can to prevent anything more than another ‘orderly correction’ when house prices do start heading south.”

    That’ll work about as well it did last time we had a housing bubble bust.

  18. ‘Maybe, a company collapses before it sees the dawn,’ said Wang Yifeng, an Asian credit markets veteran now leading a global credit fund.

    Or maybe it just collapses and ceases to exist, with only the stamping of little feet from defrauded investors to mark its passing.

  19. That compounded a general sense of unease over the company’s lack of visibility – a problem common to many Chinese property developers.

    Mark-to-fantasy accounting isn’t unique to Chinese property developers.

    1. Does anyone, other than olds in geriatric care facilities, still watch Jeopardy (or TeeVee for that matter?)

  21. Some of its wealth investors had refused to accept the embattled company’s plan to provide payment with discounted apartments, offices, stores and parking units.”

    Gosh, I fear that in such an environment, attracting new “wealth investors” might be problematic, leading to a liquidity crisis.

  22. Now that the globalists and their Democrat-Bolshevik Quislings have established a precedent for rule by decree in the name of “public health emergencies,” they will now invoke the same pretext to impose globalist agendas aimed at systematically marginalizing heritage Americans and dismantling what remains of our legacy republic. Up next: a campaign to annul the 2nd Amendment in the name of combating “gun violence.”

    New York governor declares racism ‘public health emergency’ amid new anti-discrimination legislation

    https://abcnews.go.com/US/york-governor-declares-racism-public-health-emergency-amid/story?id=82002884

    New York Gov. Kathy Hochul has declared racism a “public health crisis,”signing an entire package of legislation Dec. 23 aimed at addressing discrimination and racial injustice in the state.

    “For far too long, communities of color in New York have been held back by systemic racism and inequitable treatment,” Hochul said in a statement last week. “I am proud to sign legislation that addresses this crisis head-on, addressing racism, expanding equity, and improving access for all.”

    1. Legislation S.70-A/A.2230 is intended to enact the “hate crimes analysis and review act,” which will create guidelines for the collection and reporting of demographic data concerning hate crime victims and their alleged perpetrators.

      So, in other words, it won’t do anything useful. It will create a new bureaucracy, probably one chock full of six figure jobs for cronies, who will do little more than attend meetings where everyone agrees that racism is an inexplicable problem in one of the most diverse cities on Earth.

      Meanwhile, anyone with half a brain knows that it is imperative to get out of New York. Is there any large city in this country that hasn’t already turned into an undesirable place to live?

      1. So they’re actually going to report that 90+% of the Asian hate crimes are committed by black people? That would be real progress.

        1. They will report that Asians are victims of raycism. Who their oppressors are will remain a mystery. The expansion of the bureaucracy and attendance of conferences in Hawaii will be required to solve it.

  23. Got a mailer today from a Liar, I mean a Realtor trumpeting the recent sale of a house in my hood for $749,000.00

    I’m going to let you guys in on a little secret, IMHO there ain’t a house in my hood that is worth a nickel over $240,000.00

    Let’s Go Brandon!

    signed

    Unvaxed and Boosterless in Region IV

    1. I haven’t seen a single for sale sign in my nabe for a while. I just looked on Zillow and confirmed it.

      There is one place that I expect to go on sale soon. The neighbor across the street passed away, from cancer, the week after Thanksgiving. His heirs showed up and emptied the house. I was expecting it to go on the market ASAP, but they haven’t listed it yet.

      1. “The neighbor across the street passed away, from cancer, the week after Thanksgiving.”

        That’ll get the Undertakers and the Realtors circling like vultures.

        1. Makes sense. It was the speed with which they emptied the house that surprised me. Things were carefully packed and moved into the garage, and then a moving van showed up.

          1. Things were carefully packed and moved into the garage, and then a moving van showed up.

            Even faster would be calling 800-GOT-JUNK. Heave it all and fast, please!

      3. What are the odds that a 83yo widower would keep a 3851sf house and pool when his kids and grandkids aren’t local? Asking for a friend.

        2. What are the odds that a 83yo widower… The answer would depend on health, motivation, other relatives wherever they are, alternative life choices, that sort of thing.

    2. I pounded a stack and chain into my front yard, but my anti-realtor device has been foiled since I can’t seem to procure a chupacabra to keep encroaching realtors at bay.

    3. “I’m going to let you guys in on a little secret, IMHO there ain’t a house in my hood that is worth a nickel over $240,000.00”

      Being generous, what is the median household income there?

        2. I plugged in Old Greenwich Ct where I grew up for comparison on that site.

          Old Greenwich Ct
          2019 MEDIAN HOUSEHOLD INCOME
          $222,794
          4.59% 1-YEAR DECLINE
          2019 MEDIAN PROPERTY VALUE
          $1.56M
          4.5% 1-YEAR GROWTH

          JUPITER, FL
          2019 MEDIAN HOUSEHOLD INCOME
          $86,027
          4.22% 1-YEAR GROWTH
          2019 MEDIAN PROPERTY VALUE
          $372,800
          7.22% 1-YEAR GROWTH

    4. ” IMHO there ain’t a house in my hood that is worth a nickel over $240,000.00″

      “It’s the land”🤣

      Nope.

      Arrington, TN Housing Prices Crater 31% YOY As Rural Lot And Land Prices Plunge

      https://www.movoto.com/arrington-tn/market-trends/

      As a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

  24. The Comrades of Proven Worth (D) in our NEA indoctrination mills are selected on the basis of their ideological purity and Democratic Party credentials, rather than outdated, rayciss notions such as competence or merit. Excellence is anathema to such “educators.” Forward, Soviet!

    Error-riddled letter from Virginia teachers union about lack of COVID testing in school district is mocked as parent spots roughly 20 blunders in just FIVE paragraphs and posts revised version to Twitter

    https://www.dailymail.co.uk/news/article-10358491/Error-riddled-letter-Virginia-teachers-union-lack-COVID-testing-district-mocked.html

    An error-filled letter from a Virginia teachers union president calling for increased protections against the coronavirus was mocked relentlessly on Twitter after an appalled parent took a correction pen to the piece and posted the revised version online.

    ‘Hey @VEA4Kids, are you going to send out more of these grammar worksheets over break?’ parent Ellen Gallery wrote Thursday morning, in a post that featured the heavily marked-up document sent by Arlington Education Association President Ingrid Grant.

  25. Since I self-identify as a Yemeni lesbian for reparations purposes, I should have priority for COVID-19 jabs. However, being the noble and selfless creature that I am, I am generously offering up my place at the head of the line for any melanin-deficient libtard who wishes to be “protected.”

    New York says it will prioritize non-White people in distributing low supply of COVID-19 treatments

    https://www.foxnews.com/politics/new-york-prioritize-non-white-people-low-supply-of-covid-19-treatments

    The Empire State considers being a minority a health ‘risk factor’ due to ‘longstanding systemic health and social inequities’

    1. You don’t have to be nuts to live in New York (or California, Illinois, Massachusetts , etc.) but it sure helps.

      1. Of the three, IL is by far the best of the three for quality of life with an upper middle class income. Housing is cheap here compared to the coasts and appreciated the least of any major us city during the pandemic. Yes the property taxes are bad and that’s probably why. My wife and I talk about leaving Chicago suburbs all the time but no matter where we go it’s hard to replace our incomes. Lots of good paying jobs here. The Democrat policies have really only become intolerable in the past few years just like most of the country. But If you can isolate yourself in a purple or red community with other upper middle class professionals (the Chicago region outside Chicago is moderately red) it’s really not all that bad. The politics will hopefully moderate a bit otherwise I may have to move, make less and take a cut in my standard of living.

  26. More hospital nurses blow whistle on “overwhelming” number of heart attacks, blood clots occurring in the fully vaccinated

    https://www.naturalnews.com/2021-12-29-nurses-overwhelming-heart-attacks-clots-covid-vaccines.html

    (Natural News) There is a wave of vaccine-induced illnesses sweeping Southern California hospitals, and a few brave nurses have come forward to talk about it.

    In Ventura County, located to the north of Los Angeles, cases of “unexplained” heart problems, strokes and blood clotting are skyrocketing at area hospitals. And many local doctors are refusing to link these events to Wuhan coronavirus (Covid-19) injections.

    1. And many local doctors are refusing to link these events to Wuhan coronavirus (Covid-19) injections.

      They know that if they were to do so, that they would be fired and their licenses to practice yanked.

      Was reading that in Minnesota they have started a witch hunt for MD’s that prescribed Ivermectin.

  28. Beverly Hills libtards seem to be having a road-to-Damascus awakening on guns now that they’re getting a first-hand taste of the vibrant cultural enrichment they’ve been pushing on the rest of the country.

    Terrified Beverly Hills residents are flocking to buy guns from city’s only firearms store as LA crime soars thanks to woke DA’s policies – with latest home invasion seeing dad forced to watch as his disabled son was ZIP-TIED by burglars

    https://www.dailymail.co.uk/news/article-10359045/Beverly-Hills-residents-flocking-buy-guns-citys-firearms-store-LA-crime-soars.html

    As Long Angeles crime spirals out of control, even some of the city’s wealthiest residents have flocked to Beverly Hills’ only gun store to buy firearms to protect themselves and their belongings.

    Beverly Hills Guns first opened by appointment only in July 2020, and has seen upscale residents from Santa Monica to the Hollywood Hills increasingly in a panic following some high-profile smash and grabs and violent home invasions in recent weeks, Los Angeles Magazine reports.

    Many are self-proclaimed progressives who’ve never even held a gun before, but who’ve been so spooked by soaring crime in the famously wealthy enclave that they’ve decided to arm themselves.

    1. Two friends lost to opiates, one to Oxycontin and one to actual street dope. The real health crisis nobody wants to discuss.

      Congratulations on almost 34 years!

        1. My brother knew Jim Carroll from our neighborhood (upper Manhattan), but not well, just from hanging around. Older than us. He didn’t have anything nice to say about him. I read Basketball Diaries and got a laugh out of his description of his bartender father’s clientele. It was tough for anyone who didn’t have family who cared or drank too much. Well, that’s anywhere.

        1. That high fructose corn syrup is killing my mother. She can’t put down the soda and candy. She’s diabetic and I’m like telling her just drink water that’s all I drink, and she says she doesn’t like the taste of water. I don’t give my kids juice
          Boxes. They’re poison packets.

  30. How are those “high-yield products” workin’ out for ya, Evergrande baggies?

    Evergrande Dials Back Payment Plan for Overdue Wealth Products

    https://www.bloomberg.com/news/articles/2021-12-31/evergrande-dials-back-payment-plan-for-overdue-wealth-products?srnd=premium-asia&sref=ibr3A0ff

    China Evergrande Group dialed back payment plans on billions of dollars of overdue wealth management products as its liquidity crisis showed little sign of easing.

    Evergrande will now pay each investor 8,000 yuan ($1,255) per month toward their principal between December and February 2022, according to a statement on the website of the firm’s wealth unit. Under the previous plan, investors could expect a higher amount, depending on the principal they had invested.

    2. try what we men had to learn in the old days That was something I never could learn in the “old days” – determining who was “nice” vs the alternatives. Very early on I did learn that appearances are deceiving.

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