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(Chron)   It's like we're playing reverse Monopoly   ( divider line
    More: Fail, Mortgage, Subprime mortgage crisis, Commercial mortgage-backed security, Houston hotels, Mortgage-backed security, Commercial mortgage securities, commercial real estate firm CBRE, sharp decline  
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1574 clicks; posted to Business » on 03 Jul 2020 at 2:35 AM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook

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2020-07-03 2:56:49 AM  
17 votes:
Do you remember John Steinbeck's description of oranges being dumped because farmers couldn't get a decent price for them; starving people watching security guards spraying the oranges with kerosene, because capitalism?

We're looking at a similar situation in real estate. Thousands of people are going to be evicted because they can't pay rent; thousands of businesses are locked out because owners have no income to pay rent. So thousands of homes/apartments/shops empty because evictions; thousands living in cars or on streets, queuing for food aid.

And ideologues blocking assistance for those at the bottom because 'socialism'.
2020-07-03 3:48:26 AM  
6 votes:
Urban commercial real estate is going to collapse. Along with it, will be property developers that will no longer have any work. The construction industry will see a bigger contraction then seen in 2008. Those jobs aren't ever coming back. And that's not factoring closed restaurants, hotels and other small business usually located in the financial district of a city.
2020-07-03 12:57:24 PM  
3 votes:
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2020-07-02 10:46:20 PM  
3 votes:
The commercial property market is worse. Office space is in very low demand.
2020-07-03 7:30:20 AM  
2 votes:
Reverse monopoly??
So places will give me money if I stop at their square?
Fark ya.
2020-07-03 4:28:25 PM  
1 vote:
It seems in the midst of a pandemic that affects everyone relatively equally, one should hit pause on rents and mortgages, and have the fed provide wage income to labor directly, using their most recent quarterly-filed information.

Sure, there will be some people who don't work and rely on investment income. But since they make up such a small percentage of the total population, it would be relatively easier to have only them go through an application process for assistance.

Seems to me, if you have enough money to be relying on dividends for a living, you probably have enough capital to get you through a year of trouble. Wage earning laborers? Not so much. Small business owners? Not so much.

But let's not keep the people who actually make and do things afloat. Let them drown. (/sarcasm.)
2020-07-02 9:59:19 PM  
1 vote:
Securitization of loans worked out so well last time.

Very well, in fact.  All banksters were made whole but for one sacrificial lamb.
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