You have no idea how bad this could be. I work in the industry. There are massive losses out there just like the farm crisis of the 1980’s. Couple those losses along with the massive losses the banks have on their books in their bond portfolio’s and the liquidity crisis we are all dealing with right now thanks to Federal Reserve and the ever changing rules from the FDIC about liquidity there is going to be some massive failures of mid size banks that scares the financial market’s. There are fools in charge folks.
Highly paid, unaccountable fools who get paid no matter what. Like the 2007-2008 crisis, it is a moral hazard.
I believe it is ready to implode. As an attorney I was often court-appointed to sell such properties back in the early 1990s. I saw properties sell for $10K or less that erased mortgages of hundreds of thousands of dollars.....
Look at the news today about New York Community Bank massive set aside because it purchased parts of Signature Bank earlier in the year. You need to know that the FDIC guaranteed a bunch of Signature bank loans for the deal to go through. It’s how the FDIC does it today. So the write offs are on top of that so the real losses have to be huge. Couple those losses with the liquidity issues all banks are facing. I know of a regional bank that had to bite the bullet sold 1 billion in face amount of bonds for 860 million making the paper loss of 140 million a real loss because they ran out of liquidity and at the same time doubled their loan loss reserves. This will mushroom
At some point government simply takes everything to feed itself, like the cancer it is. When I was young it was a good investment to buy Vermont woodlots -- now the taxes exceed their productive capacity. The same is true with farming -- without tax relief, property taxes generally exceed the profits that can be earned on the land. It ends badly.....
This is funny: "converting commercial properties to residential." I contemplated writing the article with that "modest proposal" as a (satirical) proposed solution. When NY is ousting students from their school to house non-citizens, perhaps the asylum-seekers would welcome a nice former Target store to set up house in, maybe a rooftop garden..... It's not funny, yet some of the policies advanced by progressives are far more absurd.
You have no idea how bad this could be. I work in the industry. There are massive losses out there just like the farm crisis of the 1980’s. Couple those losses along with the massive losses the banks have on their books in their bond portfolio’s and the liquidity crisis we are all dealing with right now thanks to Federal Reserve and the ever changing rules from the FDIC about liquidity there is going to be some massive failures of mid size banks that scares the financial market’s. There are fools in charge folks.
Highly paid, unaccountable fools who get paid no matter what. Like the 2007-2008 crisis, it is a moral hazard.
I believe it is ready to implode. As an attorney I was often court-appointed to sell such properties back in the early 1990s. I saw properties sell for $10K or less that erased mortgages of hundreds of thousands of dollars.....
Look at the news today about New York Community Bank massive set aside because it purchased parts of Signature Bank earlier in the year. You need to know that the FDIC guaranteed a bunch of Signature bank loans for the deal to go through. It’s how the FDIC does it today. So the write offs are on top of that so the real losses have to be huge. Couple those losses with the liquidity issues all banks are facing. I know of a regional bank that had to bite the bullet sold 1 billion in face amount of bonds for 860 million making the paper loss of 140 million a real loss because they ran out of liquidity and at the same time doubled their loan loss reserves. This will mushroom
" If city taxes are raised sufficiently, property owners may simply bow out and let the government operate the buildings"
There it is. The government. Funded by the taxpayer.
If only the taxpaying populous was actually represented by self-aggrandizing governments.
At some point government simply takes everything to feed itself, like the cancer it is. When I was young it was a good investment to buy Vermont woodlots -- now the taxes exceed their productive capacity. The same is true with farming -- without tax relief, property taxes generally exceed the profits that can be earned on the land. It ends badly.....
IMO we can no longer call them progressives. Their ideology matches socialists, Marxist, and communists
This is funny: "converting commercial properties to residential." I contemplated writing the article with that "modest proposal" as a (satirical) proposed solution. When NY is ousting students from their school to house non-citizens, perhaps the asylum-seekers would welcome a nice former Target store to set up house in, maybe a rooftop garden..... It's not funny, yet some of the policies advanced by progressives are far more absurd.