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California tenants receive rent-hike threats that will only be rescinded if rent-control initiative fails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

The UK's largest estate agency is on the verge of bankruptcy

Countrywide is the UK's largest property agents (they own estate agencies like Hamptons International, Bairstow Eves and Bridgfords), with 900 locations and 10,000 employees, and they're selling off shares at fire-sale prices in a desperate bid to raise £140 million to service their massive debts; the sum is 300% of the company's market cap, their shares are down 60% on the news, and the company blames plummeting London prices and Brexit jitters for their misfortunes. Read the rest

America's big cities are increasingly home to people living in their cars

In King County (which encompasses Seattle), the number of people living in their cars surged by 46% in the past year; and other big cities are catching up: LA, San Francisco, Portland, etc. Read the rest

California home-buyers are increasingly reliant on parental gifts to afford their down-payments

California's housing bubble has pushed prices so high (the median Californian home sells for double the national average) that, in some cities, 48% of first-time buyers could only afford to purchase their homes because their parents gave them the downpayment. Read the rest

Wall Street landlords are slumlords

Blackstone is the largest private equity fund in the world; when the 2008 crash hit and banks used the trillions in taxpayer bailouts to fund mass evictions of working people who'd been tricked into taking out predatory mortgages, Blackstone started bulk-buying them, creating rent-backed bonds (called Single-Family Rental Securities or SERS) that are the even-shittier successors to the mortgage-backed securities that detonated the world economy in 2008. Read the rest

The housing market in America's most expensive cities is imploding

From San Jose to Austin to Portland to Seattle (to name just a few), house prices are slumping, inventories are ballooning, and not-a-Nobel-Prize-winning economist Robert Shiller -- famed for spotting bubbles before they burst -- says "This could be the very beginning of a turning point." Read the rest

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