Like many large US cities, Phoenix has a housing shortage and like many US cities, that crisis is worsened by the conversion of much of its housing stock into unlicensed hotel rooms through companies like Airbnb, VRBO, and Wanderjaunt, a new competitor in the unlicensed hotel room industry. Read the rest

Aestetix sez, "2600 Magazine has hosted the biennial Hackers On Planet Earth conference since 1994. However, for 2020 the host hotel, the Hotel Pennsylvania, has tripled the fee charged to the conference. Rather than raising ticket prices and making the event inaccessible to all but the rich, HOPE is reaching out to the community to help solve the crisis." Read the rest

In all but a few of the most expensive cities in the USA, median rents on one- and two-bedroom apartments have fallen, sometimes quite sharply (for example, in NYC median asking rents on a one bedroom are down to $2940, a 12.8%/$430 decline from their peak in March 2016; while in Honolulu, rents are down 21.6% from their peak in Mar 2015, down to $1670 from $2130). Read the rest

The Senate of Berlin has approved a five-year, citywide rent freeze in a bid to halt the city's skyrocketing rents, driven by increased demand that has attracted large-scale corporate landlords who have acquired swathes of properties and raised rents on them, pricing tenants out of their own neighborhoods. Next, the bill proceeds to the Berlin Parliament for approval; it is expected to pass, and will go in effect in January, and apply retroactively to June (heading off any last-minute rent-hikes ahead of the freeze). Read the rest

The scholarship on inequality has been producing a wealth of empirical findings about how inequality is created, expanded and perpetuated, building on the work of Thomas Piketty in tracing capital flows. Read the rest

Former Wired editor-in-chief and drone entrepreneur Chris Anderson tweets: "Hearing from tech startups getting priced out of Oakland warehouse space because of soaring demand for indoor hydroponic pot farms. Yes, because it's 2019 and everything is nuts *techies are being gentrified out of neighborhoods by drug dealers.*" Read the rest

As Naomi Klein documents in her classic and seminal book The Shock Doctrine, disasters and upheavals are the bread-and-butter of global looters, who use the collapse of civil society or the default of debtor states to privatize state assets at pennies on the dollar, then milk them into further crises, which create more chances for looting -- but the collapse of the USSR was different, because the spies and strongmen who rode out that collapse ensured that public assets were only given to domestic looters, not off-shore oligarchs. Read the rest

In an absolutely epic Twitter thread (unrolled here) author CZ Edwards lays out an incredibly compelling explanation of spiralling real-estate prices: oligarchs need to launder a lot of oil money -- think Russia, Iran, ex-Soviet basket-case states, Saudi -- and so they plow the money into offshore Real Estate Investment Trust that then cleans it by outbidding any actual real-estate investors or would-be homeowners, bidding up and snapping up all the property in desirable cities, and then realizing the rental income-flows as legitimate, clean money. Read the rest

For more than 100 years, New York City's Tony-award-winning Drama Book Shop has been a stalwart of the city's thronging theater community; but like so many independent bookstores, it has struggled (it recently announced that it would have to leave its Times Square location on January 20 due to rent hikes). Read the rest

John Picerne is a hereditary one-percenter whose contribution to his family legacy of "real estate development" was to spend millions on lobbying, which landed him millions more in government loans earmarked for taking over the maintenance of 26,000 units of on-base military housing in 13 locations, with the repayment of the loans coming straight out of enlisted personnel's paychecks. Read the rest

Airbnb has led to much of the rental housing stock in some of the world's most expensive cities being turned into unlicensed hotel rooms, driving up both rents and house prices even further. Read the rest

According to Wells Fargo, a "computer glitch" caused the improper denial of 870 loan modification requests, which led to 545 foreclosures in which Wells Fargo customers lost their homes; the bank is now offering those former homeowners -- some of whom saw the breakup of their marriages as the result of the stress of foreclosure -- insultingly small sums, like $25,000. Read the rest

Poor people were not the primary target of Obamacare; as a group, their care is more likely to be "non-compensated" (trips to the emergency room while classed as "indigent" and unable to pay), so insurance shouldn't make a big difference to them, right? Read the rest

Every time Trump reminds you that the stock market has experienced a feverish, tubercular bloom under his presidency, just recall that 84% of stocks are held by 10% of Americans. Read the rest

Proud Democratic Socialist Alexandria Ocasio-Cortez ran an insurgent campaign (working nights as a bartender in NYC with her campaigning clothes stashed in a paper bag behind the bar, changing after her shift and working the streets) that conquered New York, went national, and emboldened a "progressive caucus" of new Democratic legislators: now she's going to Congress to serve as the youngest woman ever elected to the lower house. Only one problem: she can't afford to rent a DC apartment for the three months between the election and her swearing-in, when she'll start drawing her Congressional salary. Read the rest

Writing in Scientific American (!), Nobel-prize-winning economist Joseph E Stiglitz (previously) describes the US economy as an "inherited plutocracy" that's "rigged" to shift an ever-greater share of the national wealth to the very richest people: Stiglitz blames the rigging on Ronald Reagan's dismantling of antitrust enforcement, inheritance tax, and other progressive measures 40 years ago -- and says that the orthodox economic apologists for economists who attribute inequality to globalism or other factors are wrong and unsupported by evidence. Read the rest

Update: An earlier version of this article misidentified Dick's Towing of Everett as the Dick's Towing of Seattle involved this this story. I apologize to Dick's of Everett for the error.

Seattle is in the grips of a dire housing emergency (though the city has money to burn when it comes to subsidizing multi-billion-dollar sports teams); Amanda Ogle is one of the many people in Seattle living out of a car, in her case, a 1991 Camry. Read the rest