Wells Fargo blames "computer glitch" for its improper foreclosure on 545 homes

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

84% of stocks owned by richest 10% of Americans

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

Meet John Horgan and the BC NDP - North America’s most progressive government

If you live outside province you likely haven’t heard much about our new government, but here in British Columbia changes are happening fast, and you should know about them. Read the rest

Congresswoman Alexandria Ocasio-Cortez can't afford to rent a DC apartment

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

London's new high-rises: speculators' luxury flats designed never to be occupied

London is the epicentre of the British affordable housing crisis, and while there are over 500 high-rises under construction in the capital, consuming nearly every available lot, virtually every one of these towers is designed to serve the high-end luxury market (despite plummeting prices in this category), whose anonymous offshore buyers often never occupy or rent out the flats they buy, merely holding them to flip them later. Read the rest

San Francisco spends $3.1m/year on homeless toilets and $65m/year cleaning up poop

San Francisco's housing crisis is also (of course) a homelessness crisis, and homelessness crises beget public defecation crises -- and San Francisco has a serious public defecation crisis. Read the rest

California tenants receive rent-hike threats that will only be rescinded if rent-control initiative fails

Tenants in California have received threatening letters from their landlords promising massive rent hikes if Proposition 10 (previously), which restores rent control, passes. Read the rest

Slaves - including children - make the bricks for Cambodia's housing bubble

Two bedroom apartments in Phnom Penh start at $260,000 -- equivalent to 2,000 years' worth of average annual wages for Cambodia's workers. Read the rest

City of Seattle's official tow partner impounded a homeless woman's stolen car and wanted $21,634 to give it back

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

One in ten of New York's public school students is homeless

114,659 of New York's public school students is homeless, bouncing from shelters to relatives' beds: homelessness is a predictor of poor academic performance for all the obvious reasons, including very long commutes to school (some students' families have ended up at shelters that are two boroughs away from their schools). Read the rest

China's panicked upper middle class are easy picking for offshore real estate scams

The combination of Chinese anti-corruption reforms and currency controls has China's storied "middle class" (a nebulously defined category whose size and wealth are the subject of multiple, conflicting accounts) scrambling for ways to get their money out of the country and to establish bolt holes to escape to, should the situation suddenly worsen. Read the rest

Jared Kushner took home millions, paid little or no tax for years

Jared Kushner borrowed money to put down tiny down-payments on properties, paid himself millions from the rents generated by those properties, then used aggressive depreciation markdowns to declare an operating loss every year, meaning that he paid no tax at all from at least 2012 to 2016, and very little tax in the three years proceeding it. Read the rest

California ballot measure to reintroduce rent control met with millions in opposition from Wall Street landlords

California is one of the hot-zones in the world's urban housing crisis, driven by a combination of opposition to highrise/high-density living and the mass purchase of foreclosed properties following the 2008 crisis by giant Wall Street landlords who have steadily ratcheted up rents and evictions in a big to safeguard the flow of payments to bondholders who get a share of the rents extracted from struggling tenants living in dangerous, substanding housing. Read the rest

New York's luxury real-estate market is crashing

New York is a great city that has been hollowed out by real-estate speculation, where the conversion of housing to safe-deposit boxes in the sky has pushed out the city's people and the city's businesses, who can't compete with financiers and oligarchs who value property as an investment, rather than as part of the fabric of a city. Read the rest

Los Angeles's homelessness epidemic has created a typhus epidemic

Los Angeles county has some 104,000 homeless people, thanks to a real-estate bubble that has priced housing out of reach of working people, while programs to reduce homelessness have been incoherent and unwilling to take the only proven step for reducing homelessness. Read the rest

UC Santa Cruz asks professors to rent their spare rooms to students who couldn't get housing guarantees

The director of housing for UCSC's Silicon Valley campus asked the university's 6,000 professors to consider sheltering their students to help bridge the shortfall between university-subsidized housing and the student body's needs, amidst the whitest of white-hot property markets in the nation. Read the rest

New Zealand bans most offshore residential real-estate ownership

With today's passage of the Overseas Investment Amendment Bill, the Parliament of New Zealand has banned nonresidents from buying most residential property in the country, in an effort to end the skyrocketing housing expenses (Auckland is one of the world's least-affordable cities) by freezing out overseas speculators, though these account for less than 3% of total real-estate transactions, with the majority coming from China. Read the rest

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