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Demand Is A Gazelle And Supply Is An Elephant

A report from KELO in South Dakota. “The housing market the past few years has been a fast-paced affair. ‘In late 2022, however, interest rates began to rise once more. “That same buyer who was pre-qualifies at $450k — they lost a lot of affordability,’ Maggie Miller with Hegg Realtors explained. ‘Now you can really only afford $350k.’ This not only impacted buyers, but also sellers, whose properties now sat on the market for longer periods as offers once again fell below asking price. Buyers are able to come in and negotiate — I see people offering lower than asking price, and on top of that, they’re asking sellers to contribute some dollars for their closing costs,’ Miller said.”

From WKRC. “Retired teacher Karen Conn and her retired dentist husband Randy bought a condo in the 96-unit complex Morgan’s Trace about seven years ago. She’s a member of the home owners association (HOA) board there and was stunned to find out the complex was losing its insurance late last year. ‘We have contacted so many companies, so many different combinations and we’re told the same thing – we’re pulling away from insuring condos. Your condo is too old and we cannot insure you,’ Conn told Local 12. ‘I want a conversation started around in Kentucky especially, but around the country about condo owners. We’re not the only ones going through this. My husband is in the later stages of dementia. And what do I do on teacher’s retirement with $2,000 or $,2,100 a month.'”

From WPEC. “Florida’s condo market faces a significant challenge as rising insurance costs create a ripple effect, impacting both homeowners and the overall market. The skyrocketing prices plus a rise in HOA fees, has forced some owners to sell their condos due to unaffordability. ‘I’m putting one on the market today, where the landlord said, I’m barely breaking even and what’s the point of all this so now I’m just going to list it for sale and just cash out,’ said Douglas Elliman real estate agent, Alex Kaplan.”

The Philadelphia Inquirer in Pennsylvania. “The former Kensington National Bank building at Frankford and Girard Avenues is being turned into a large retail space and apartments, by the same developers that built the Avant, the new apartment building that wraps around it. Now, as a gut rehabilitation of the Frank Furness-designed building takes place, adding 6,100 square feet of commercial space and five apartments, the Avant is being leased as market-rate apartments after a deal with short-term rental company Sonder was called off. ‘This was intended to be a Sonder building, but Sonder has 11 locations in Philadelphia, which is a lot,’ said Henry Sullivan, principal with HK Partners. ‘I think they were just kind of feeling that crunch.'”

KUT in Texas. “Ben Schwertner won’t pay next month’s rent. The 28-year-old from Lubbock isn’t forgoing payment out of protest or because he can’t afford it. He’s not paying because he doesn’t have to. When Schwertner signed a lease for a one-bedroom apartment near the Austin airport earlier this year, the management company extended him a sweet deal: one month rent free. It’s a tactic used by companies to fill apartments when they sit empty. Austin has something it hasn’t had for years: a glut of new apartments. ‘Demand is a gazelle and supply is an elephant,’ said Jake Wegmann, professor of real estate at UT Austin. ‘Decisions made years ago are only now coming to fruition with apartment buildings opening up.'”

The Real Deal on California. “Veritas is selling 23 buildings tied to a nearly $300-million loan from Greystone Servicing Company. Greystone originated the $291.4 million loan in May 2021, backed by multifamily buildings across the city that were purchased by Veritas in 2014 and 2015, according to loan documents and public records. The seven-story, 1927-built complex known as Lombard Place is familiar to anyone in the city’s multifamily market, said Compass’ commercial agent Allison Chapleau, who called it ‘arguably one of the best properties in San Francisco.’ She said she did not blame Veritas for letting the properties go if the big picture on the loan no longer made sense. ‘Everyone is trying to right their ships from the really quick changes in the last 24 months,’ Chapleau said. ‘Everyone is doing the shuffle. It’s not unique.'”

The Globe and Mail in Canada. “Buying pre-construction condominiums can be an expensive and drawn-out process, but one part of the exercise is causing more stress than ever before. The so-called ‘occupancy period’ – the length of time between when the buyer of a new condo is given the keys and when the buyer takes actual ownership of the unit – is growing longer and more expensive. This gap leaves the new owners in possession of the unit and liable for costs, but with no legal status as owners. The problem is particularly acute for investor buyers looking to rent out the units, since developers often won’t allow rentals during the interim occupancy period.”

“‘It’s killing some of my clients,’ said lawyer David Feld. ‘They can’t handle the big cheques that are $5,000 a month.’ Mr. Feld’s company, Feld Kalia Professional Corp., works with condo buyers and the condo assignment market. ‘It starts draining their savings. It makes it harder for them to close and complete the transaction.’ A developer cancelling a pre-construction sale because of a financial default from the buyer during the occupancy period was once rare. But not so rare any more, according to Mr. Feld. ‘More and more deals are not closing,’ he said.”

The Helsinki Times in Finland. “In a notable shift in the Finnish real estate market, prices for old condominiums across the country saw a significant decrease of 5.6% in January compared to the same month last year, with a 2.9% drop from December alone. Statistics Finland’s Senior Statistician, Anu Rämö, highlighted a slight stabilization in the rate of decline. The downturn was more pronounced in the capital region and other major cities, where old condominium prices fell by 6.7% year-on-year, compared to a 3.6% decrease in other parts of the country.”

“‘Outside the major urban areas, the price drop has been more moderate, following a faster price increase in cities until the summer of 2022. However, from 2020, prices have decreased by about 6-7% across large cities, the capital region, and the rest of the country alike,’ Rämö stated. Tampere and Vantaa experienced the steepest declines in old condominium prices, dropping by 10.5% and 9.6% respectively. Helsinki saw a 7.0% decrease. Price reductions in January were observed across the board, with apartment prices in multi-story buildings down by 5.7% and row house prices by 5.5% year-on-year, signaling a cautious period for both sellers and buyers in the Finnish housing market.”

Free Press Journal in India. “A growing number of developers in the Mumbai real estate market are reintroducing ‘buy now, pay later’ schemes, which allow buyers to pay only 10 per cent or 20 per cent of the price upfront, and the rest on possession. These schemes, prevalent during the real estate slowdown between 2015 and 2019, aim to boost buyer sentiment. Experts say primary sales in the Mumbai real estate market have softened in recent months and an increase in launches over the past two years has led to an oversupply of inventory, prompting developers to push sales via such schemes. ‘Listed players do this because they have to show their pre-sales number every quarter to investors. For cash flows, developers either rely on banks or sell at a lower price by giving innovative offers. Commitments received from homebuyers (who make the initial payment) also act as collateral for developers, and help raise loans from the banks,’ said Ravi Kewalramani, Director at RK Mumbai Realtors. According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), the number of units launched in Mumbai city limits increased from 25,404 in 2020, to 52,771 in 2023.”

The Bangkok Post in Thailand. “Housing prices this year will remain flat as the market is forecast to be unfavourable, with an overwhelming number of unsold units and many developers seeking to cash in. Tritecha Tangmatitham, managing director of SET-listed developer Supalai Plc, said construction prices this year would not change after experiencing significant increases over the past two years. According to Apichart Kasemkulsiri, L.P.N.’s chief executive, it has around 5,000 completed condo units remaining unsold, worth 11 billion baht, with a carrying cost of 4% per year. That meant it had room to offer discounts of up to 4% for those units, though it might lead to a lower gross profit margin. ‘A significant portion of our condo inventory resulted from the rejection rate, which reached 40% last year due to increases in interest rates,’ said Mr Apichart. ‘Another reason was that our products might be less attractive compared to those of our competitors.'”

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This Post Has 88 Comments

    1. “You will own nothing.”

      [And you will be fed stinkbugs.]

      [You can’t have your pudding if you don’t eat your stinkbugs!]

      Eat your stinkbugs

      Species found in southern Africa serves as nutritious snack

      https://www.sciencenews.org/article/eat-your-stinkbugs

      One continent’s nuisance is another’s nutrition.

      In parts of rural Zimbabwe and South Africa, the stinkbug Encosternum delegorguei is shaken out of trees, braised with salt and eaten as a spicy delicacy. With their defensive stink glands removed, the insects pack a high-protein punch, according to a study published January 5 in PLOS One.

      Chemical analyses of ground, freeze-dried stinkbugs revealed the insects have lots of protein and nine essential amino acids. The stinkbugs also contain cholesterol-lowering fatty acids and several antioxidants that come from a flowering plant that the bugs eat.

      E. delegorguei is a good protein supplement to the kind of grain-based diets that are common in developing countries, the researchers conclude. As with most edibles, however, proper food safety is important. Stinkbugs that are collected in traditional wooden baskets or in grain bags pick up low levels of a cancer-causing fungus toxin. Storing the bugs in clean ziplock bags keeps the snack toxin-free, the researchers found.

  2. “‘It’s killing some of my clients,’ said lawyer David Feld. ‘They can’t handle the big cheques that are $5,000 a month.’

    Die, speculator scum.

  3. The South Dakota article is about Sioux Falls, the Kentucky one on Florence and the Florida one is West Palm Beach.

  4. ‘I’m putting one on the market today, where the landlord said, I’m barely breaking even and what’s the point of all this so now I’m just going to list it for sale and just cash out’

    Golly Alex, it’s a good thing they can always sell.

    1. Most who bought in the last 2 will be lucky to be breaking even on the sale. And very soon these speculators will be mailing in the keys. I’m sure it’s already happening.

  5. ‘arguably one of the best properties in San Francisco.’ She said she did not blame Veritas for letting the properties go if the big picture on the loan no longer made sense’

    That’s some sound lending Allison.

  6. ‘I want a conversation started around in Kentucky especially, but around the country about condo owners. We’re not the only ones going through this. My husband is in the later stages of dementia. And what do I do on teacher’s retirement with $2,000 or $,2,100 a month.’”

    Back to work baybee. Go get it

  7. ‘Austin has something it hasn’t had for years: a glut of new apartments…‘Decisions made years ago are only now coming to fruition with apartment buildings opening up’

    We’re seeing this almost every day now with these luxury airboxes Jake.

  10. Denver is going bankrupt:

    “On the heels of cuts to city services to address a multi-million-dollar budget deficit in part due to the city’s ongoing response to the migrant crisis, Denver Mayor Mike Johnston on Wednesday announced the upcoming closure of four migrant shelters he says will save Denver around $60 million in costs in the 2024 budget.

    With the change in the city’s strategy to address the crisis, Johnston said more work will be done to find additional cuts.

    “That means the $180 million deficit that we were facing is now closer to $120 million. That still leaves us $120 million of cuts to make,” said Johnston during a press conference. “So that means we still have work to do.”

    https://www.denver7.com/news/local-news/denver-to-close-migrant-shelters-in-effort-to-save-60-million-amid-budget-deficit

    1. “She might have dismissed that as a fluke if, a few weeks later, another man hadn’t approached her booth in a Trader Joe’s parking lot and asked, “Haven’t we given you enough money?”

      “The hostility shocked me,” recalled Reznick, 44, whose late father was Ukrainian. “I felt it then — the shift.”

      Ukraine isn’t even a real country, it’s a money laundering economic zone.

      And if you think this phony war is expensive, wait until you see how much the “reconstruction” is gonna cost U.S. taxpayers.

      Brown envelopes stuffed into the pockets of All The Right People, all stolen from you, the American taxpayer.

      1. Brown envelopes stuffed into the pockets of All The Right People

        Senate passed the $95.3B foreign aid bill February 13, 2024. Munich Security Conference held February 16-18, 2024.

      2. They are plundering this country as fast as they can, its wealth, culture, standards, science, innovation, and everything that comprises the sum total of western civilization

    2. The Atlantic — Why Is Trump Trying to Make Ukraine Lose? (2/29/2024):

      “Maybe the extraordinary nature of the current moment is hard to see from inside the United States, where so many other stories are competing for attention. But from the outside—from Warsaw, where I live part-time; from Munich, where I attended a major annual security conference earlier this month; from London, Berlin, and other allied capitals—nobody doubts that these circumstances are unprecedented. Donald Trump, who is not the president, is using a minority of Republicans to block aid to Ukraine, to undermine the actual president’s foreign policy, and to weaken American power and credibility.”

      Credibility? What a joke.

      “Trump and the people around him are clearly not isolationists in the old-fashioned sense. An isolationist wants to disengage from the world. Trump wants to remain engaged with the world, but on different terms. Trump has said repeatedly that he wants a “deal” with Russian President Vladimir Putin, and maybe this is what he means: If Ukraine is partitioned, or if Ukraine loses the war, then Trump could twist that situation to his own advantage. Perhaps, some speculate, Trump wants to let Russia back into international oil markets and get something in return for that. But that explanation might be too complex: Maybe he just wants to damage President Joe Biden, or he thinks Putin will help him win the 2024 election. The Russian hacking of the Democratic National Committee was very beneficial to Trump in 2016; perhaps it could happen again.

      Trump is already behaving like the autocrats he admires, pursuing transactional politics that will profoundly weaken the United States. But he doesn’t care. Liz Cheney, one of the few Republicans who understands the significance of this moment, describes the stakes like this: “We are at a turning point in the history not just of this nation, but of the world.”

      https://archive.is/MDhrc

      An article quoting Liz Cheney talking about credibility? The jokes write themselves, folks.

  13. in Kentucky especially, but around the country about condo owners. We’re not the only ones going through this. My husband is in the later stages of dementia. And what do I do on teacher’s retirement with $2,000 or $,2,100 a month.’”
    Sob story with no mention of her Husband’s SS which, if he was a dentist is probably over $3K a month to possibly $4 K depending on when he started taking it. Also, combine a Dentist and a teacher and you are pulling in some decent money. Where did it go?
    I guess there are going to be a lot more boomers living in basements and under bridges than I thought. Interesting that condo issues are even in Kentucky

  14. where the landlord said, I’m barely breaking even and what’s the point of all this so now I’m just going to list it for sale and just cash out,’
    Good luck selling. I am very serious when I say “no one in their right mind should buy a Condo in Florida until the smoke clears,”and, as I understand it, that’s probably gonna take an other year or so. There is just WAYYY too much unknown risk.

  15. This is what “winning” the war in Ukraine looks like.

    Russia Today — German households heavily burdened by energy costs (2/29/2024):

    “Consumers in Germany are having to pay significantly higher for heating and electricity in 2024 than before the energy crisis, the Berliner Morgenpost has reported, citing the latest study by the portal Verivox.

    According to the report, the average household is currently spending €1,534 ($1,662) per year more on electricity, fuel, and heating than in February 2021. The current figure is €5,306 versus €3,772 in February 2021 on an annualized basis, a 41% surge over the past three years, the newspaper wrote.

    Germany had benefited from cheap Russian energy for over two decades – deriving 40% of its gas imports from the sanctioned country – and was among the hardest hit by the reduction of Russian energy supplies. Deliveries were either significantly curtailed or entirely halted after the EU imposed sanctions on Moscow in response to the Ukraine conflict, and following the explosions at the Nord Stream pipelines.”

    https://www.rt.com/business/593260-germany-high-energy-costs/

    #Winning

    1. The current figure is €5,306

      Holy Cannoli. And that’s with thermostats turned way down in a tiny flat and they don’t have A/C.

  16. It works great until you run out of other people’s money to spend:

    Denver Mayor Mike Johnston on Wednesday announced that the city is scaling back migrant services and will consolidate shelters with the goal of saving the city millions of dollars.

    During a press conference, Johnston said that over the next month, one shelter will close each week, with the closures expected to reduce the current budget deficit by nearly $60 million and reallocate those funds back into city services.

    However, Johnston warned that the closure plan could change if the city sees massive surges of arrivals and again has to increase its shelter space and migrant services.

    Sure Mr. Mayor. You just admitted that you’re out of money. If more invaders arrive, they will be sleeping in tents in city parks. But word gets around fast. Once it’s known that Denver is closing shelters they will go somewhere else.

  17. A report from KELO in South Dakota. “The housing market the past few years has been a fast-paced affair. ‘In late 2022, however, interest rates began to rise once more. “That same buyer who was pre-qualifies at $450k — they lost a lot of affordability,’ Maggie Miller with Hegg Realtors explained. ‘Now you can really only afford $350k.’ This not only impacted buyers, but also sellers, whose properties now sat on the market for longer periods as offers once again fell below asking price.

    //

    – It’s the P&I mortgage payment that matters. For the same monthly payment, the house price at 7% (current rate) is about 40% lower than at 3% (pandemic rate).

    – Wages didn’t go up by 40%, but house prices did. Result: House price is too darn expensive. Most unaffordable in 40 years. Real wages are actually negative. The Fed is pro capital and anti labor.

    – Shelter buyers priced out. Prices need to fall by 40%. Wages aren’t going to rise by 40%.

    – The Fed FUBARed the housing market, as well as the overall economy with money printing resulting in 40 year high inflation. It’s not going away soon. Just look at today’s PPI report. F’ the Fed and the horse they rode in on. F’ Congress for their lack of oversight and self-enrichment.

    – The housing market is in a Mexican standoff. Buyers on strike. Sellers won’t budge; they still want pandemic prices. Good luck with that.

    – At some point, sellers will have to capitulate. Right now it’s much cheaper to rent vs. buy, esp. with all of the MF coming online. Happens every cycle. Overbuilt.

    – SFH is a depreciating asset with high carrying costs. Not just P&I as FL condo owners are learning.

    – The traditional price to rent (1:1) and price to income (3:1) ratios still apply. Buyers can wait, but can sellers?

    – The Guberment did this with housing GSEs and their Fed lapdog. It’s policy. It’s intentional. It’s almost like they hate the middle class or something. My response to them is my middle finger.

  18. The Guardian is globalist scum media.

    “There is no crisis’: Biden will find calm not chaos at Texas border visit (2/29/2024):

    “Joe Biden will travel to the US-Mexico border on Thursday amid rising concerns expressed by voters nationwide over immigration, as pressure builds on the US president to respond to alarmist rightwing claims of “invasion”, “crisis” and waves of “migrant crime”.

    Alarmist rightwing claims? Her name was Laken Riley.

    “Some 300 miles upstream along the Rio Grande, which marks the border in Texas, Donald Trump will make a dueling appearance on Thursday, descending upon what is effectively a militarized zone created by the hard-right Texas governor, Greg Abbott.”

    Hard-right? You vermin really need to come up with some new material.

    “There will be dramatic scenes in the small city of Eagle Pass, featuring concertina wire and national guard soldiers posted on land abutting the river that’s been cleared of vegetation or taken over for military-style patrols. Abbott has asserted that the state of Texas has the right to supersede federal jurisdiction over immigration enforcement, citing “an invasion” of migrants and claiming Biden has abandoned border security.

    Trump is sure to double down on his biased rhetoric and pledge to enforce extreme immigration protocols, such as his recent campaign message that if he wins back the White House in November he would engage the largest ever mass deportation event of undocumented people from the US.”

    https://archive.is/A6OVe

    You are being replaced.

    1. “There is no crisis’: Biden will find calm not chaos at Texas border visit

      Last night on Gutfeld, Tyrus predicted that wherever Biden does his photo op in Brownsville that it will be cleaned up and look wonderful.

      1. Brownsville is home to SpaceX and an ecological preserve. It’s not where immigrants are crossing.

    2. such as his recent campaign message that if he wins back the White House in November he would engage the largest ever mass deportation event of undocumented people from the US

      There’s no need to convince me, I already said I’m voting for Trump 🙂

  19. Illegal immigrants reportedly disrupted a Seattle City Council session, prompting conservative ire and labeling the situation “insane.” Criticism mounts over their plea for free housing in an expensive city, drawing attention to immigration and social welfare debates.

    KomoNews states, a tumultuous scene unfolded at a Seattle City Council meeting as protesters demanded funding for temporary housing for refugees facing eviction. The disruption prompted a recess and subsequent arrests, leaving council members concerned about the impact on democracy.

    Meanwhile, the city of Tukwila stepped in, announcing plans for a heated tent to temporarily accommodate refugees, underscoring the ongoing humanitarian crisis. Mayor Tom McLeod emphasized the tent as a stopgap measure, urging state and federal action.

    Others state that the Maui wildfire victims are largely ignored while illegals in America are complaining that their accommodations are not “luxurious” enough. Users feel that the illegals are more pampered than actual Americans who are currently suffering.

    Moreover, users discuss that blue cities are currently suffering through the policies that they agreed on in the first place. After giving illegals freebies, they are surprised to know that these freebies aren’t enough.

    https://www.msn.com/en-us/travel/news/illegal-immigrants-insanely-demanding-for-more-free-housing-shutting-down-seattle-city-council-meeting/ar-BB1j67td

    1. “After giving illegals freebies, they are surprised to know that these freebies aren’t enough.“

      “Work sets you free”

    2. announcing plans for a heated tent to temporarily accommodate refugees, underscoring the ongoing humanitarian crisis. Mayor Tom McLeod emphasized the tent as a stopgap measure, urging state and federal action.
      Back in the day (10+ years ago) my girlfriend’s son-in-law was stationed in Afghanistan for months in a tent in with supposedly 100+ degree day time temperature. Yes there was A/C but my point if if the tent is good enough for our marines, it damn well better be good enough for any and all illegals.

      1. My father didn’t have a tent in the sub zero F. korean war. No 3 hot meals a day either, and certainly not cooked for him.

        1. We’re not talking about deplorables fighting some silly war here. This is an election year, and the outcome for dementia Joe must be assured, even rigged if that what it takes! 🙂

  20. Stolen, did you say?

    Tucker Carlson on the 2020 Election: ‘It Was 100 Percent Stolen’ (2/28/2024):

    “Tucker Carlson recently did an interview with podcaster Lex Fridman.

    Their discussion covered a wide range of topics and is worth watching in full, but Tucker’s comments on the 2020 election are especially interesting.

    Tucker said the election was ‘100 percent stolen’ citing the last minute changes made to voting procedures with regards to Covid.

    “You said to some degree the election was rigged,” Fridman began. “Was it stolen?”

    “It was 100% stolen,” Carlson replied. “Are you joking?”

    https://www.thegatewaypundit.com/2024/02/tucker-carlson-2020-election-it-was-100-percent/

    You are living under an unelected, illegitimate, occupation government that has no legitimate authority to govern anything. The 2020 election was stolen.

    1. Related article.

      The Federalist — Democrats Are Already Planning Their Own ‘Insurrection’ If Trump Wins (2/29/2024):

      “Democrats have spent the last three years labeling former President Donald Trump and any other Republican who questioned the 2020 presidential election results as “insurrectionists.” But as their efforts to either imprison Trump or throw him off the ballot have shown, they are ready to do just about anything to ensure he can’t win a second term in 2024. But with President Joe Biden falling in the polls and Trump demonstrating that he could win, they need a backup plan if the courts won’t do their bidding.

      As an article in The Atlantic last week made clear, they have one in mind. The only problem is that it involves Democrats doing exactly what they labeled as “insurrection” when Republicans half-heartedly played at doing the same thing in January 2021, when some of them voted not to certify the vote of the Electoral College that handed the election to Biden. And if Democrats win control of Congress in November, something that could happen even if Trump also wins the presidency, they could succeed where the GOP failed and overturn the election.”

      https://thefederalist.com/2024/02/29/democrats-are-already-planning-their-own-insurrection-if-trump-wins/

    1. Squatter McDuck
      February 29, 2024 at 9:00 am

      “Pending home sales an abortion this morning”

      \\

      – My HBB post from Tuesday:

      banana republican
      February 27, 2024 at 9:37 am
      ‘ Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.’

      \\

      – Recall that the Case-Shiller Index is a three month moving average. Data is published with a two month lag, so the data is 2-3 months behind. Current data is from late 2023 when rates were lower.

      – Case-Shiller is a lagging indicator. Pending home sales (PHS) is a leading indicator. January ‘24 PHS data is published this coming Thursday. Current 30 yr. fixed rate mortgage rate is 7.13%. From my experience, it’s better to drive when looking through the windshield vs. in the rear view mirror.

      – That being said, you’re correct that the Fed made this mess with their “wealth effect” policies, starting in 2010 after and in response to the GFC, another fine mess that they caused as well.

      – Recall that the wealth effect cuts both ways; both on the upside and the downside of asset bubbles.

  22. Cities like Denver are struggling with the costs of housing, educating, and providing services to tens of thousands of migrants arriving since 2022. Denver has already spent $42M and estimates the costs will exceed $180M this year.

    Mayor Johnston said, “We are going to have to make changes to what we can do in terms of our city budget and what we can do in terms of support for newcomers who have arrived in the city.”

    “We want to continue to be a city that does not have women and children out on the street in tents in 20-degree weather,” he continued. “And we also want to provide all our constituents with the services they deserve and the services that they expect,” he added. “This is a plan for shared sacrifice,” explained the mayor.

    Johnston went on to propose cuts in services to city residents.

    Johnston accused Trump of conspiring with Republicans to “kill that bill just so this crisis would continue just because he thinks he has a better chance of reelection.”

    The mayor proposed budget cuts to city services for legal residents to address the $171M shortfall.

    Nearby Lakewood residents packed a meeting opposing becoming like Denver, overwhelmed by the crisis.

    Resident Dawn Austin said, “What you see tonight is informed voters who have watched Denver’s decline, and don’t want the same here.”

    Ramey Johnson, a former city councilwoman, said, “This community cannot afford this.”

    Lakewood city manager Kathy Hodgson said, “Lakewood is not being solicited for hotel/motel or congregate housing support.”

    Other cities across the US are also diverting millions from police, fire, libraries to care for migrants.

    Sen. Pouliot said, “This hotel at which we’ve spent now over $13 million at.”

    He continued, “This hotel has served just 85 families. Now think about that for a moment. We have 186 really bright minds in the legislature working on really complex problems. And somehow 13 almost $14 million is being diverted to help just 85 families. That doesn’t seem right.”

    In Maine, $13M has housed just 85 families in a hotel, angering state legislators who say rural residents are told to do more with less while money goes to non-residents.

    Republican Senate Majority Leader Trey Stewart added, “It’s really striking to me that the folks in rural Maine are being told to do more with less, meanwhile Taj Mahals are being built for other folks in more urban places that aren’t even Maine residents, Maine citizens.”

    The influx of migrants is straining city budgets and causing backlash as funds for existing taxpayers and services are cut to accommodate the new arrivals.

    Republican House Minority Leader Billy Bob Faulkingham said, “Just to put that number in perspective, it’s more people to move in than have moved in since 2000 – and Mainers are footing the bill.”

    https://www.msn.com/en-us/news/us/multiple-states-at-breaking-point-with-illegal-aliens/ar-BB1iOyrM

  23. As Jilly joined dozens of other West African migrants out on the sidewalk, most of them are now set to become the newest members of New York City’s unsheltered homeless population – sleeping on the street and subways.

    This comes after police shut down the privately operated – and technically illegal – migrant shelter they were living in, located inside Ebou Sarr’s furniture store in Richmond Hill, Queens.

    Sarr translated Jilly’s Wolof – their native language. “He didn’t know America is like this. He’s disappointed,” Sarr’s translation of Jilly said.

    More than 70 migrants in all paid Sarr $300 a month for a bed.

    “I had a plan that we can make this work. They’re not helping us. We can put money together and get a building,” said Sarr.

    Sarr was housing migrants at a second store location in the Bronx, sources said. The city’s Department of Buildings and the FDNY were on the scene of Sarr’s Bronx shop on East Kingsbridge Road in the downtown area of Fordham Wednesday afternoon.

    The uncovering of his homegrown operations is now raising questions about what happens to migrants after their 30- to 60-day city-sponsored shelter stay comes to an end.

    “After your 30 days, they kick you out. Even if it’s raining outside, you have to go out. They’re treating them like animals,” said Sarr.

    Migrants sleeping outside in cold so they don’t miss opportunity to get NYC shelter bed

    Larry, who is homeless, said the result is a system that leaves him out in the cold.

    “The shelters are packed. On a humanitarian level, I’m happy for them. But I’m over her man — I suffer from chronic homelessness. It makes it harder and tougher for us,” said Larry.

    One Queens resident, who did not want to be identified, said he does not support Sarr’s methods.

    “It’s a lot of money — helping someone, and you’re getting $24,000 in return?” the man said.

    But New York City Council member Alexa Avilés said now is not the time to demonize Sarr and other grassroots-led efforts to address a citywide shortage of shelter beds and affordable housing.

    “Maybe in fact this is not the best thing, but let’s figure out how to make this work,” said Avilés.

    In the meantime, Jilly, the Senegalese migrant, said he’s back to figuring out where he’s going to sleep.

    “He thought when he came to this country he would have a good place to stay,” Sarr’s translation of Jilly said.

    Jilly and the rest of the migrants have been informed they need to return to the reticketing center in Manhattan’s East Village if they want another crack at a shelter bed. But as PIX11 News reported last month, that’s a long wait with no guarantee of a bed for the night.

    PIX11 News did witness at least one resident approach a group of migrant men and offer shelter in one of her empty properties. The new challenge for the city is going to be attempting to onboard private landlords and business owners who want to provide shelter to migrants.

    https://news.yahoo.com/migrants-seeking-housing-makeshift-shelter-230658686.html

    1. Sarr translated Jilly’s Wolof – their native language. “He didn’t know America is like this. He’s disappointed,” Sarr’s translation of Jilly said.

      Just what was he expecting?

      Silly me! He wanted to join the Free Sh!t Army. They all do. The “we want work permits” spiel is BS.

  24. Sheriff where Laken Riley was viciously murdered — allegedly by Venezuelan migrant — pledged not to cooperate with ICE during his campaign (2/29/2024):

    “The sheriff of the Georgia county where a Venezuelan migrant has been charged with murdering nursing student Laken Riley had campaigned on refusing to cooperate with Immigration and Customs Enforcement officers, a resurfaced interview shows.

    “It is not my intention, when elected sheriff, to cooperate with those detainers,” John Williams, now the sheriff of Athens-Clarke County, said in a 2020 interview with Athens Political Nerds.

    He was referring to detainers ICE placed on illegal immigrants who were arrested on criminal charges.

    “We can’t help with a culture of fear in our community and expect our community to respond and help us in situations, because the fact is that a lot of law enforcement is based around community support,” he explained.

    “So that’s not something that we’d be doing. We won’t be doing any type of round-ups and we won’t be contributing to that culture of fear,” Williams vowed.

    https://www.msn.com/en-us/news/crime/sheriff-where-laken-riley-was-viciously-murdered-allegedly-by-venezuelan-migrant-pledged-not-to-cooperate-with-ice-during-his-campaign/ar-BB1j6msa

    You are being replaced, and sometimes, murdered as well.

  25. Retired teacher Karen and her retired dementia dentist husband. “What do I do?” You figure it out Karen. Did you forget to include your husband’s retirement/assetts in your victim poor me plea for sympathy?

  26. A reader sent these in:

    RIP Nob Hill San Francisco …Retail and restaurants are fleeing the famous neighborhood in San Francisco.

    https://twitter.com/WallStreetSilv/status/1762602411498094844

    1,200 sq ft house listed for $1,225,000 in Bend Oregon. Is this a bubble? Would you ever pay that for such a tiny house? Something is wrong here. This is crazy. 🤡🌎

    https://twitter.com/WallStreetSilv/status/1762635929120805258

    You might not think it’s possible but the geriatrics running the circus called Congress are on the verge of passing a bi-partisan tax package with $ 200 billion of… wait for it… tax cuts over 2 years, $ 135 billion of which in 24… that’s 50 bp of GDP…For context the deficit is 7% of GDP as it is…

    https://twitter.com/INArteCarloDoss/status/1762958134786531417

    If bitcoin is going parabolic, maybe money isn’t all that tight right now.

    https://twitter.com/BobEUnlimited/status/1762859810356187162

    The University of Arizona will reportedly lay off hundreds of employees – “starting with Senior Managers” per interim CFO

    https://twitter.com/MacroEdgeRes/status/1762958960619827711

    Lenovo is reportedly conducting layoffs in several divisions, per employee discussions

    https://twitter.com/MacroEdgeRes/status/1762921827389571404

    More than ever: It doesn’t matter whether you’re selling a new car, a used car or a lease… Everyone is playing the same game: “What’s my monthly payment?” Brian Benstock, VP and General Manager of Paragon Honda, explains in < 45 seconds: https://twitter.com/GuyDealership/status/1762971686385615031

    BREAKING: The first pre-owned Tesla Cybertruck has sold at auction. The price? A whopping $244,000. I wonder what the Buyer will price it at… 🤔

    https://twitter.com/GuyDealership/status/1762928792530465221

    US Asking Rents in February were 1% lower than the prior year, the 9th consecutive month w/ a YoY decline.

    https://twitter.com/charliebilello/status/1763046277342769399

    Home Depot’s net income fell 17% over the last year, the biggest YoY decline since 2009. Meanwhile, the stock is up 30% in the past year.

    https://twitter.com/charliebilello/status/1762849576275312859

    US Home Prices increased 5.5% in 2023, the 12th consecutive year of nominal gains. Changes in US Home Prices since 1891…

    https://twitter.com/charliebilello/status/1762619589349773460

    Rivian lost $4.7 billion in 2021 but investors looked past this during the mania, valuing the company @ $153 billion. Today, investors seem to care about profits again w/ Rivian valued @ $9 billion after posting a $6.8 billion loss in 2022 and $5.4 billion loss in 2023.

    https://twitter.com/charliebilello/status/1761848600928125354

    One Financial Plaza in Downtown Fort Lauderdale was moved to special servicing.

    https://twitter.com/aryal1994/status/1762991672055537993

    Some rapid fire price discovery in McKinney, Texas

    https://twitter.com/texasrunnerDFW/status/1762673931385717075

    It is a Leap Year…and this excludes ~28k announced yesterday @Macys
    As I shared earlier, you’ve got to go back to GFC to see year in which first 2 months kicked off w/200k announced layoffs.
    Rule of the Jungle: Shareholders INITIALLY love cost cuts. Love lost if revenues hit.

    https://twitter.com/DiMartinoBooth/status/1762973946335388078

    Thrasio, a U.S. startup that raised billions of dollars and popularized the concept of e-commerce aggregation — buying up and restructuring dozens of smaller brands and third parties selling on marketplaces like Amazon – is bankrupt

    https://twitter.com/MacroEdgeRes/status/1762972384565379240
    Tarion Faces Historic $90 Million Claims as Ontario Builders Default Amid Economic Strains

    https://twitter.com/daniel_foch/status/1762824709979181513

    San Diego City budget is in $167M deficit partially due to about $33M lower than expected sales and hotel taxes.

    https://twitter.com/Doug_Hnuts/status/1762921920410927502

    Context: California is 15% of US GDP.
    Ask yourself: Is it relevant that 15% of US economy is in recession?

    https://twitter.com/DiMartinoBooth/status/1762913511842156966

    vacancy quadrupling
    rent prices collapsing
    “we’ll just pass prices to renters”
    LOL

    https://twitter.com/GRomePow/status/1762899467081277877

    1. The Nob Hill video is only a tiny sample of what is happening there. The whole city is starting to look like that. All along Mission, along Van Ness etc etc. Ookland also looks like that. These two cities are headed for a collapse. I’m sure they will try to blame Trump and the white patriarchy but the reality is vibrant women folk are at the helm. Sad!

    2. The San Diego numbers are interesting too. This helps explain why the city suddenly closed their invader intake center that they spent 5 million on. The invaders are now being dumped at the trolley stations to fend for themselves. I’m sure it will be fine.

      Over the years San Diego added lots of extra taxes on the hotels. Overall it is a pretty crappy deal there now. I’m expecting to see it begin to look a lot like SF/Ookland before long. Sad!

  27. – For all Leftist, Communist, “Blue” cities such as Denver, NYC, Seattle, etc., the philosophy (and failure) of Communism applies:

    “FROM each according to his ability, TO each according to his needs.” – Karl Marx

    – which eventually leads to:

    “The problem with socialism is that you eventually run out of other people’s money.” – Margaret Thatcher

    – The consequences of the principle of the first quote manifest themselves in the principle of the second. They’re still trying to find the “right” kind of Socialism / Communism, but it’s doomed to fail from the get go, since counter to basic principles of economics and human nature, but here we are…

    – Of course this applies to cities, states, nations. Just look at history. Communism is a failed construct, but they keep “trying.”

    1. And those who are part of the FROM class stop producing. Demoralizing a society and crushing innovation and production.

  28. If everyone in the United States were forced to start from scratch and buy the home they live in at todays market value, I would hazard a guess that within one year 75% would be facing foreclosure.

  29. Since the powers that be don’t plan on doing anything about our open borders or the tens of thousands of criminal invaders who have been and continue to be allowed to walk into our country and be handed a $5000 debit card along with a flight to the city of their choice, their co-conspirators offer some advice to you women who want to go for a jog and not get raped and have your skull stoved in.

    The killing of a nursing student out for a run highlights the fears of solo female athletes

    BY JANIE HAR
    Updated 5:12 PM EST, February 24, 2024

    Carol Capps runs regularly in the forested area of the University of Georgia campus, where the body of a 22-year-old nursing student was found earlier this week after she was reported missing from a morning run.

    Running groups and women’s forums have offered tips on how women can try to stay safer while exercising: Run during daylight hours or with a friend; avoid headphones; carry pepper spray or a whistle; make sure your phone is charged; mix up running routes; inform a friend of your whereabouts and check in with them when you’re done.

    https://apnews.com/article/runner-dead-university-georgia-women-safety-4b277117e82ab00d7e6c79672219a65f

  30. ‘offers once again fell below asking price. Buyers are able to come in and negotiate — I see people offering lower than asking price, and on top of that, they’re asking sellers to contribute some dollars for their closing costs’

    That’s the spirit!

  31. ‘as a gut rehabilitation of the Frank Furness-designed building takes place, adding 6,100 square feet of commercial space and five apartments, the Avant is being leased as market-rate apartments after a deal with short-term rental company Sonder was called off’

    As we’ve seen elsewhere, going from dedicated STR to apartments doesn’t always work out.

  32. ‘Demand is a gazelle and supply is an elephant’

    Does the gazelle run off when the big elephant shows up Jake?

        1. Real Estate
          The housing market just saw its biggest inventory spike in nearly 3 years
          Phil Rosen
          Feb 29, 2024, 9:56 AM ET
          housing market neighborhood
          Richard Newstead/Getty Images

          – New listings for homes for sale climbed 12.9% year-over-year in February, Redfin data shows.

          – Total inventory also improved, as total homes for sale did not decline for the first time in nine months.

          – Demand remains weak, with mortgage-purchase applications down for four weeks in a row.
          …
          https://www.businessinsider.com/homes-for-sale-inventory-listings-real-estate-market-mortgage-rates-2024-2

  34. “So far, authorities have made no arrests in the case but said a man wearing a blue vest fled the scene after the slashing occurred.”

    If it had been me it would have said… A white male with blue eyes approximately 6 ft. 4 in. 250 lbs. wearing a blue vest.

    VIDEO — ‘Enough Is Enough’: NYC Subway Conductor Slashed in Neck Gets 34 Stitches

    AMY FURR
    29 Feb 2024

    A 59-year-old New York City subway conductor was slashed in the neck early Thursday as violent incidents plague residents in the Democrat-run city.

    The victim, identified as Alton Scott, was on the train as it was pulling into the station. The moment he stuck his head out of the train’s window he was slashed in the neck.

    The victim was transported to a local hospital and listed in stable condition. He received 34 stitches and was eventually cleared to go home.

    https://www.breitbart.com/crime/2024/02/29/enough-is-enough-nyc-subway-conductor-slashed-neck-gets-34-stitches/

  35. Warren Buffett’s $168 billion cash pile signals he expects stocks to slide and a recession to strike, says top economist Steve Hanke
    Theron Mohamed
    Feb 28, 2024, 5:59 AM PST
    Warren Buffett speaks onstage
    Paul Morigi/Getty Images

    – Warren Buffett’s company boosted its cash pile by $60 billion in 15 months to a record $168 billion.

    -The investor may be expecting stocks to dive and a recession to hit, top economist Steve Hanke said.

    – Buffett hit out at rank speculation and gambling on stocks, and Hanke voiced similar concerns.
    …
    https://markets.businessinsider.com/news/stocks/warren-buffett-record-cash-berkshire-hathaway-hanke-stock-market-recession-2024-2

  36. ‘‘It’s killing some of my clients…They can’t handle the big cheques that are $5,000 a month’

    When prices were going up 100 kd-n pesos a month this wasn’t a problem David.

  37. ‘Listed players do this because they have to show their pre-sales number every quarter to investors. For cash flows, developers either rely on banks or sell at a lower price by giving innovative offers. Commitments received from homebuyers (who make the initial payment) also act as collateral for developers, and help raise loans from the banks’

    So in this situation, these guys slit the markets wrists to get loans to carry on, right Ravi?

  38. ‘‘A significant portion of our condo inventory resulted from the rejection rate, which reached 40% last year due to increases in interest rates…Another reason was that our products might be less attractive compared to those of our competitors’

    That’s why you make the big bucks CEO Apichart.

  39. Seller Bribes Buyer Agent With Cash Bonus (Real Estate Market Update)
    Team Sessa Real Estate

    55 minutes ago VAUGHAN

    In this episode we take a look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and market trends for week ending Feb 21, 2024. We also discuss why you need to be careful if an agent is pushing you towards purchasing a specific property that you already passed on and did not fit your criteria.

    https://www.youtube.com/watch?v=T8zhJFrCnKk

    12:20.

  42. ‘Romantic escape’ New Forest glamping site shut down because of noisy sex

    https://www.yahoo.com/news/romantic-escape-forest-glamping-shut-181701237.html

    [snip …]

    A luxury glamping site that promised couples a “romantic escape” is being forced to close because neighbours complained about sex noises from the tents.

    Planning chiefs ruled that the site in Lymington, Hants, in the New Forest, caused a “harmful” level of disturbance to neighbours whose properties adjoined it and refused it planning permission.

    The neighbours complained they were forced to “‘awkwardly” listen to “sex in thin tents”.

  43. by Carl Wiser

    Fastball’s founder talks about “The Way” and shares his thoughts on being labeled a ’90s band.

    “The Way” is about Lela and Raymond Howard, an older couple from Salado, Texas who drove to a nearby festival and disappeared. The story was big news in Fastball’s hometown of Austin, and while the search was on, Scalzo wrote the song. He imagined the Howards setting out for adventure, asking the very zen question, “Where were they going without ever knowing the way?” The story didn’t end well: Lela and Raymond were found dead 13 days and 400 miles from where they started. Fastball’s song, though, proved malleable in meaning. Friends and family of the Howards have embraced it as a testament to their spirit. Many others have used the song to frame their own adventure or help cope with the loss of a loved one (check out the comments in the Songfacts entry).

    Fastball The Way (Official Video)

    https://youtu.be/X5jlTlUTWfQ?si=QYvFytOR1P79BgB0

  44. Did you ever notice how the locales with the largest bubble gains often experience the largest subsequent crashes?

    Must have something to do with the psychology of a mania.

  45. Markets
    Renowned economist Claudia Sahm breaks down why her famous recession indicator won’t be triggered this year — and why the last mile of the Fed’s inflation battle could be the easiest
    William Edwards
    Feb 7, 2024, 2:00 AM PST
    Claudia Sahm
    Courtesy of Claudia Sahm

    – Claudia Sahm says the US economy should hold up in 2024.

    – The former Fed economist says the US has fixed its labor-force problem.

    – Sahm developed the widely followed Sahm Rule recession indicator.

    Claudia Sahm, the former Federal Reserve economist who developed the Sahm Rule recession indicator, believes the US economy will likely avoid a downturn this year.

    In a call with Business Insider in January, Sahm said that the labor market is on solid ground, and that she doesn’t believe her real-time indicator will deliver a positive signal in 2024.

    Sahm’s model says that once the three-month moving average of the unemployment rate raises 0.5% from its 12-month low, the economy has entered a recession. It seeks to identify a recession in real time instead of waiting for the National Bureau of Economic Research’s call. Since 1980, the indicator has not produced a false reading.
    …
    https://www.businessinsider.com/recession-outlook-claudia-sahm-rule-federal-reserve-inflation-interest-rates-2024-2

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