Is This Going To Crush The Market?

1. From the first 4:43 video:

   What is the impact of the LA mansion tax on California’s market?
   Fox Business
   Apr 5, 2023
   The Agency CEO Mauricio Umansky explains what the Los Angeles mansion tax will do to the California housing market on ‘The Bottom Line.’

   The second 2 minute video:

   Queensland families left out of pocket after five builders go bust in 2023 | 7NEWS
   7NEWS Australia
   Apr 5, 2023
   Queensland’s construction crisis is spiralling, with five builders going bust already this year. It’s contributing to the housing crisis and leaving families out of pocket, with no guarantee their mandatory home builders’ insurance will cover their costs.

   The third 14:40 video:

   Bay Area Housing Market Updates | March 2023
   HAYLEN Group Real Estate
   Apr 4, 2023
   Find out the latest Bay Area housing market stats and updates in Santa Clara County, San Mateo County, Alameda County, Contra Costa County, San Francisco County.

   ℹ️ Table of Contents:

   0:00 Introduction
   0:36 Number of Active Listings & Sales
   2:16 Months of Inventory
   2:51 Days on Market
   3:13 Sale Price to List Price Ratio
   3:30 Listings Withdrawn/Canceled
   4:50 List Price Decreased
   5:50 Transactions Fell Through
   6:27 Median Sale Prices
   9:06 Battleground
   11:41 Mortgage Rates Projections

   The fourth 14 minute video:

   Why Are Buyers Overpaying In Brampton, Mississauga & Durham Real Estate? – Mar 29
   Team Sessa Real Estate
   Apr 5, 2023 CANADA

   Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Mar 23 – Mar 29, 2023.

   1. “Find out the latest Bay Area housing market stats and updates in Santa Clara County, San Mateo County, Alameda County, Contra Costa County, San Francisco County.”

      @10:40-
      San Jose shacks being bid up over asking price in 2023. WTF?

      1. I’m hearing the same here. Low inventory. Whether banks fund is the big question.

         1. Not surprising. Anyone who has a sub 3% mortgage isn’t going to sell unless they have to sell. It is quite possible that as the year rolls on, more and more debtors will have to sell due to a job loss or some other unexpected personal event.

            1. 3%

               A family member had that in the ’70s, though there was little left on the mortgage. He sold at retirement and built for cash in Central Kansas.

      2. They’re betting on hyperinflation.

         1. A credit crunch is already underway.

2. Cash App founder Bob Lee, 43, of Mill Valley, was stabbed to death at 2:35 a.m. Tuesday near the SoMa neighborhood. No arrests have been made, and police did not release a possible motive behind the attack.

   Around the same time that Lee was walking on Main Street, a community activist was walking in the nearby Tenderloin neighborhood filming video with his cellphone. Darren Stallcup recorded a haunting sight showing sidewalks lined with people. He was approached by multiple drug dealers.

   After hearing of Lee’s violent death, Stallcup stated, “These are dark times in our city. San Francisco is not safe. A fentanyl genocide happening in our community.”

   In his 2 a.m. video, men approach Stallcup on 7th and Market streets asking what kind of drugs he’s looking for. “All I can do is put on my tough voice and say ‘naw we good.’ Buying anything from these guys, you just don’t do it. They put fentanyl in weed. They are putting it in pills, weed, and every drug in between.”

   Local activist JJ Smith said the city’s 2022 crime crackdown in the Tenderloin pushed some drug dealers into the SoMa neighborhood. Instead of eliminating crime, criminals simply shifted neighborhoods, he said. “It’s just like a cat and mouse game,” Smith said.

   Stallcup said his neighborhood, the Tenderloin, feels like “the Wild West.” He told KRON4 that he shot the 2 a.m. video to raise awareness surrounding public safety, homelessness, and to expose just how dire the fentanyl epidemic has become in San Francisco.

   Stallcup’s cousin was fatally poisoned by fentanyl-laced marijuana a few weeks ago on Turk Street. While mourning his cousin’s death, Stallcup said he’s decided to launch his own war against fentanyl by organizing marches in the city.

   “Fentanyl is unlike any drug ever. It’s extremely deadly and extremely addictive. San Francisco has the cheapest fentanyl, $4. I’m walking around passing out Narcan. I’ve seen first-hand people die. Every morning around 4 or 5 a.m. the medical examiner’s van comes around, it’s a white van with shelves with trays. Each tray can hold one body. Every morning the van picks up bodies,” Stallcup said. “Fentanyl is destroying everyone and everything in its path.”
   The rise of fentanyl in San Francisco

   Stallcup said his video is a snapshot showing not only a fentanyl epidemic, but also a housing and mental health crisis. “The cost of living in San Francisco is higher than New York City, which is ridiculous. There are so many vacant apartment buildings. My landlord just gave me a letter the other day saying your rent is going up.”

   While monthly rent prices are climbing, public safety is dropping, he said. “I’ve had to fight off burglars with my own bare hands, three times,” Stallcup said.

   Meanwhile, San Francisco-based tech company executives are criticizing the city in reaction to Lee’s death. Elon Musk wrote on Twitter, “Many people I know have been severely assaulted. Violent crime in SF is horrific and even if attackers are caught, they are often released immediately. Is the city taking stronger action to incarcerate repeat violent offenders.”

   https://www.msn.com/en-us/news/us/video-san-francisco-street-turns-into-wild-west-at-2-am/ar-AA19wDgK

   1. “There are so many vacant apartment buildings. My landlord just gave me a letter the other day saying your rent is going up.”

      These two sentences don’t make any sense, e.g., supply is going up, and prices are going up? [pinch myself] Must be the kool-aid.

   2. These are dark times in our city. San Francisco is not safe.

      You got what you voted for, dude. But he will keep pulling the D lever every election, because Leftism and Wokesim will work if done correctly, they have to work.

   3. Buying anything from these guys, you just don’t do it. They put fentanyl in weed. They are putting it in pills, weed, and every drug in between.

      What is the world coming to when your friendly neighborhood drug dealer is poisoning his wares? /sarc

      I recall reading a story here about a family who were vacationing in an AirBnB and their toddler found a stray fentanyl pill left behind by a previous tenant, ingested it and died.

3. Mayor Eric Adams has tried hotels, shelters and a cruise terminal to house an influx of more than 50,000 migrants, an effort that’s stretched the budget to the breaking point and strained services.

   In an interview last week with Bloomberg News, Adams said the costs of the migrant crisis would hurt the city’s ability to pay for public services.

   “We were dropped in our laps a crisis of epic proportion,” Adams said. “And we got no help. I don’t think people realize 54,000 people showed up in our city in 15 months,” he said.

   “When we look at these challenges, every agency and service in the city is going to be impacted because of what we are experiencing right now,” Adams said. “So I’ve got to go back to my agencies and tell them,‘You’ve got to find more efficiencies.’”

   https://www.msn.com/en-us/money/markets/new-york-city-mayor-wanted-javits-center-used-for-migrants/ar-AA19vvjV

   1. And we got no help.

      They were expecting manna to rain down from Washington. Sorry, Mr. Mayor (and Dem sh!thole mayors everywhere), right now having Ukraine’s back is our top priority. That’s where the money is going, so suck it up and deal with it.

4. China’s Housing Market Has Plenty of Space but Not Enough Buyers
   Wall Street Journal|19 hours ago
   Around a third of all newly completed apartments in the country went unsold in 2022.

   Median Price of New Manhattan Condos Drops Nearly 20%
   GlobeSt.com|21 hours ago
   According to the latest Condos and Co-Ops report from Elliman, the median price for a new condo in Manhattan in the first quarter was $1.6M, a 19.3% drop from the Q4 2022 median price of $1.98M. The number of units that closed sales decline by nearly 12% in Q1 2023 to 2

   Apartment Building Sales Are Dropping — But Renters May Benefit From Investor Slump
   Entrepreneur|15 hours ago
   Rising interest rates have made apartment buildings a less promising investment as it now costs more to purchase a building, which has caused a drop in demand in the first quarter of 2023.

   The U.S. Built a European-Style Welfare State. It’s Largely Over.
   The New York Times|49 minutes ago
   There has been little political will to make policies permanent because they did not emerge from a deeper shift in how Americans view the role … Kaiser Family Foundation; National Housing Law Project; National WIC Association; Pandemic Response …

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