Posted on 03/24/2024 6:30:09 AM PDT by Lockbox
Across the country, deals are starting to pick up, revealing just how far real estate prices have fallen. That’s spurring widespread concern about losses that can ripple across the global financial system — as underscored by the recent turmoil unleashed by New York Community Bancorp, Japan’s Aozora Bank and Germany’s Deutsche Pfandbriefbank as they took steps to brace for bad loans.
In Manhattan, brokers have started to market debt backed by a Blackstone-owned office building at a roughly 50% discount. A prime office tower in Los Angeles sold in December for about 45% less than its purchase price a decade ago. Around the same time, the Federal Deposit Insurance Corp. took a 40% discount on about $15 billion in loans it sold backed by New York City apartment buildings.
(Excerpt) Read more at crainsnewyork.com ...
yak-yak about being in office
For many workers, text and Zoom work just fine for everyday conversations and communication. Even scheduled service industries.
because everywhere else is worse.
So we’re still eff’ed , just not as bad as others who are more eff’ed.
I contend the folks who goof off like that will goof off in the office.
Everyone knows who the slackers were when we were in the office.
Yes, the views would be great! Scope out a newer office with showers, etc. Pack an urban squaters kit: inflatable bed, food, solar charger for phone, etc. Probably enough WiFi that you can connect to.
90% is more likely in coming months or year or two.
Giuliani turned NYC around by focusing on quality of life issues, crime, pornography, prostitution, graffiti. In short order, NYC became a jewel. Bloomberg maintained the changes. DiBlasio undid everything.
Venice is basically an open sewer that depends upon the tides to flush the system.
Gondolas upon canals if fecal matter.
Yeech!
AI can’t do real code: to include bug fixes, version control, new features.
It can do nifty plagiarism of existing code bases for things like the UI for games.
Okay, so go to New York City, San Francisco, even places like Reno to see the cesspool conditions, filth, people living on the streets, drugs, crime, hookers, illegals everywhere? How is that a tourist attraction? Armoured tourist buses, armed security?
It will be reworked to provide luxury condos to illegals.
Buildings are being converted to have apartments but it's complex and expensive, and city building restrictions often get in the way.
Exclusive: 46 NYC office buildings could convert to apartments under city's new plan
https://www.axios.com/2024/01/16/office-conversions-nyc-apartments
Why not house the illegals and homeless drug addicts in those buildings? That would get them back to 100% occupancy. I’m completely serious.
It's possible. But you'll have to put in a lot of bathrooms. Previously, you can have one bathroom for the entire floor. Now you're going to have to put in one for each room.
It might be cheaper to tear down the whole thing.
Because there are millions of new illegals now in America's rental market.
DiBlasio Mission appeared to be drive out any non liberal voters. Mission accomplished, what will be the results? Liberal Democrats don’t care, they just wasn’t the money and power! How do you explain the mess Haiti is in, their leaders did not care either. New York City is just a few steps away from becoming like Haiti.
Giving people free housing ..that can barely take of themselves or who are strung out on drugs ... doesn’t seem like it would solve their problems...?
Or,anyone else’s for that matter.
Raising taxes is like raising prices. If there are options then neither increase sticks. Just as California how their tax increase are working. Don’t stand in the street to ask, the Californians leaving for Texas will run you over🤣
The whole concept of America has been living through one big slow motion black swan event ever since Biden cheated his way into power.
“I do think at least 30% of corporate jobs are useless.”
Starting with CEO’s and boards, more like 90%.
“It showed what a useless concept of being in a cube was.”
Reminds me of Peter Gibbons.
“So I was sitting in my cubicle today, and I realized, ever since I started working, every single day of my life has been worse than the day before it. So that means that every single day that you see me, that’s on the worst day of my life.”
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