A Hong Kong parking space just sold for USD664K

The 188 square foot parking space went for HKD5.18m (USD664,300) -- HKD27,500/sqft. Read the rest

London fire: just last year, Tory landlord-MPs rejected Labour's tenant safety law

The death-toll on London's Grenfell Tower fire continues to mount, it's worth remembering that there are no "natural disasters," only human disasters, created by people who weigh different interests in the balance and create policies based on the way the scales come up. Read the rest

Real estate bubbles lower the birth-rate

Shelter is a human necessity second only to food on Maslow's hierarchy of needs; but it's also an asset-class that is increasingly relied upon by the world's super-rich for money-laundering, rent-extraction and simple investment -- this creates a dilemma for governments, who are under pressure to ratchet up the cost of a fundamental human necessity in order to enrich a minority of wealthy land- and property-owners. Read the rest

Weaponized shelter: a website that lets tenants bid against each other for apartments, in 1000 cities

Rentberry -- run by a Travis Kalanick-style markets-fix-everything doctrinaire named Alex Lubinksy -- collects renters' personal information and their bids on apartments, then presents them to landlords, who get to choose among high bidders to rent to. Read the rest

Australia leads the world in selling housing to money-launderers

A new Transparency International report ranks the world's most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because "real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006," thus, "70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country." Read the rest

Gorgeous, humbling photos of Manila's super-dense shantytowns

German photographer Bernard Lang has produced a photo series documenting the incredible overcrowding in the slums of Manila, a city whose mean density is 36,000 people/square mile, rising to 200,000 people in the city's 500 riverside slums. Read the rest

More anti-money laundering measures hit China as top three Bitcoin exchanges freeze withdrawals

Bitcoin's spiking prices have been driven almost entirely by Chinese money-launderers trying to beat the country's currency controls -- controls that have tightened so much that it's tanking the world's real-estate markets as offshore buyers abandon their deposits and disappear. Read the rest

Chinese government creates gate-guarded private village for hedge-funds near Hangzhou

Yuhuang Shannan -- an hour's high-speed train journey from Shanghai -- is a newly formed, walled village in which only hedge fund employees and their visitors are allowed to venture, a kind of Canary Wharf with Chinese characteristics, with schools staffed by non-Chinese teachers, a private club, and its own health care facilities. Read the rest

It used to take 3 years for a British family to save for a home down-payment; now it takes 20 years

The Resolution Foundation's Living Standards 2017 is an eye-opening look at the current state of the British experiment in allowing wealth inequality to expand without any check, to use a combination of austerity, the elimination of protection for tenants, reckless lending, offshore money-laundering and public subsidies for speculators to turn the human necessity of shelter into the nation's leading asset-class. Read the rest

China's capital controls are working, and that's bursting the global real-estate bubble

More news on the Chinese crackdown on money-laundering and its impact on the global property bubble: the controls the Chinese government has put on "capital outflows" (taking money out of China) are actually working, and there's been a mass exodus of Chinese property buyers from the market, with many abandoning six-figure down payments because they can't smuggle enough money out of the country to make the installment payments. Read the rest

Survive the coming apocalypse inside a big pipe buried underground

Atlas Survival Shelters sells huge corrugated pipe shelters outfitted for living with air filtration systems, Co2 scrubbers, and power generators. A 10' x 20' shelter goes for $30-$40,000 and the "Hillside Retreat," a 10' x 51', runs as high as $109,000. Options include a big screen TV, electric fireplace, oak flooring, hatch camouflaged as a boulder, and many other fine amenities. From their pitch:

The only bunkers manufactured today that has actually been tested against the effects of a nuclear bomb and has passed, is the round corrugated pipe shelters (used in the 1950s) by the U.S. Army Corps of Enginneers..

The round shape worked then and still works today! There is little difference between the bunkers made 50 years ago and the bunkers made today except the addition of modern interiors, NBC air filtration systems, Co2 scrubbers, generators, and high-tech electronics. There is no other shape other then round that will allow you to reach the depth underground that you need for maximum protection for your family and to allow the climate to be controlled underground.

"Beware the Square". No pre-manufactured square metal bunkers passed the nuclear test and should only be regarded as a fallout shelter or tornado shelter at best!

Atlas Survival Shelters (via Uncrate)

Read the rest

China's anti-money-laundering rules could burst Canada's real-estate bubble

China has adopted stringent new anti-money-laundering rules that will make it nearly impossible for small investors -- for example, middle-class families who pool their savings -- to get their money out of the country in order to buy condos in Canada's superheated property market (not just Canada, of course!). Read the rest

America's gargantuan new corporate landlords evict the shit out of Americans

The housing recovery has been famously uneven, in every way: for one thing, it's allowed hedge-fund and publicly listed landlords to acquire a greater proportion of America's housing stock than ever, even as mass foreclosures created a new class of desperate tenants who pay rent to these corporate giants, who charge higher rents than ever. Read the rest

Leaked doc shows Trump Treasury pick presided over the "widespread" theft of Americans' homes

Steve Mnuchin, Trump's pick for Secretary of Treasury, has a checkered past (he once foreclosed on a 90 year old customer who was $0.27 short on her mortgage payment) but a leaked memo from the California attorney general's Consumer Law Section reports that Mnuchin's leadership of Onewest Bank involved "widespread misconduct" in foreclosing on Californians, through which the bank was able to fraudulently confiscate their customers' homes. Read the rest

2,100+ veterans pledge to build barracks to help Dakota Access Pipeline water defenders survive the winter

Yesterday, Wesley Clark Jr -- son of retired U.S. Army General Wesley Clark -- met with North Dakota law enforcement officials on behalf of the 2,100 members of the Veterans Stand for Standing Rock group, who have pledged to come to the conflict site and build barracks to shelter the water defenders fighting the Dakota Access Pipeline. Read the rest

Embarrassed New Yorkers force Trump Place to change name

New Yorkers renting in the Trump Place buildings on the upper west side have forced the building's owner to take Trump's name off their homes. Read the rest

US foreclosure map predicts US battleground states map

Tom Adams, a lawyer and 20-year veteran of the securitization business, compares a map of America's largest foreclosure inventories with a map of key battleground states. Read the rest

More posts