From the Record:
Gentrification or growth? Why Paterson is hot for real estate buyers and investors
Zaib Atyat purchased his first home in Paterson 20 years ago for $250,000. The three-family unit on the city’s south side offered a steady source of rental income and has progressively increased in value. Based on online calculators, Atyat, 47, estimates that his real estate investment is worth about $650,000 now.
“When I moved here, there was a lot of crime. Cars were stolen at night,” the immigrant from Jordan recalled. He lived near Paterson’s former Alexander Hamilton Public Housing Project, also known as Alabama Project, before buying a home.
From its past marred by urban blight, Paterson is emerging as a hot spot for real estate investment. Two of the city’s ZIP codes are among the fastest-appreciating areas for real estate sales in North Jersey, according to Zillow data between February 2020 and June 2021. The meteoric rise of Paterson’s two hot ZIP codes — 07501 and 07522 have seen appreciation of 32% and 26%. respectively — illustrates the shift in housing demands since the start of the COVID-19 pandemic last year.
“You had Hoboken, Edgewater, now Paterson,” said Paterson Mayor Andre Sayegh. “We believe we are the new frontier.”
Paterson is close to New York City and near a number of highways, and it offers great diversity, Sayegh said. People are moving to Paterson because they are being priced out of New York City and other areas of North Jersey, he added.
…
The average rent price is $1,414 in 2021, 3% more than in 2020, according to RentCafe.com, with the average size of the apartment being 724 square feet.
“What we know as growth we recognize as a push out,” Imani said. “Working-class people are being pushed out.”
Sayegh doesn’t view the development as a push out or gentrification. The people who are moving into the city are immigrants: Dominicans, Palestinians and Bengalis, he said. They are being priced out of other areas, such as New York. The median household income in Paterson in 2019 was $41,350. Paterson saw apopulation growth of 9%, according to the 2020 census.
Paterson has been a boom and bust market since the mid 1980’s.
I’ve always pictured the area just south of St Joseph’s Hospital, the small neighborhood as you enter from Valley Road/Clifton as a village of sorts. I said that whole 10 block area (Levine Street/Marshall Street/Barclay Street) looks rip to be turned into something. I even toyed with the idea of buying a two/three family house as an investment. Paterson always looked like it was about to gentrify given its location between so many major highways.
+ side it’s only a short ride up Haledon Ave to Pump’s house. You can take the whole family there on the weekends to visit the mighty columns and go hiking in the woods.
Hurry up only $660k won’t last long.. close to downtown and best part is the street corner vendors selling all kinds of stuff late into the night.
https://www.zillow.com/homedetails/400-River-St-Paterson-NJ-07524/87968370_zpid/
Feel the same about the area around the falls, mills.
Also boom, bust, and political.
About 20 years ago there was grant money available for residential projects in downtown Paterson. Many of the buildings downtown are 5 or 6 stories tall and only the ground floor is in use as retail space. The upper floors remain empty. Buyers bought these types of buildings with the intent of converting the upper floors to residential. None of these projects ever came to fruition.
I was born in Paterson. Both sides of my family have roots in Paterson and owned businesses there. My family owned more than a dozen apartment buildings in town until the 1990’s. I have sold scores of 1 to 4 family homes for financial institutions there over the years. I currently live about a mile from Paterson. Paterson isn’t going to be the next Hoboken. Paterson is where you move to when you get pushed out of another city that is experiencing gentrification.
M3’s before the f80 were not reliable. Look it up, these are the best built M3’s reliability wise ever. I bet the new model (g80) will have almost no problems.
What I meant by civic reliability, you pretty much just have to change the fluids and you shouldn’t have any major issues.
JCer says:
September 22, 2021 at 2:09 am
left, he is smoking something. A BMW reliable like a civic! That is something never uttered by anyone. Older BMW’s are certainly solid well designed and built cars which is something we cannot say for modern BMW’s, but they have never been reliable. You will not see the latest generation cars truly get old as they put literally tons of plastic in the engines. BMW’s leak period, I drive an old Land Rover and I certainly know it’s not a Toyota, it is far more likely to break because of various British-isms and the repair cost will likely be eye watering. You aren’t buying one of these things to practical, but pumps has full on cognitive dissonance to justify his purchases.
When you drive up Belmont Avenue through Haledon/Prospect Park, the view is beautiful. I can imagine who wonderful it was to grow up in those neighborhoods. West Broadway/Presidential Blvd. down below in Paterson is rather scary to drive through. These areas in their heyday must have been great. Of course, growing up in Hudson County, I knew what it was like except Hudson County turned the corner years ago and is now hotter than hot from Bayonne to Fairview.
Juice: That’s a great price! Someone will grab it. You must have missed the article the other day, that basically said real estate will never go down. Even if rates go to 6 or 7 percent, prices still won’t go down there is just to much demand for real estate. And I am sure employers understand that, so they will give big raises and bonuses to their employees.
Fast :Paterson as 40 year said will never re gentrify. I have family in Hawthorne right next door, and it’s night and day the difference. Two towns right next to each other and it’s too different worlds.
Two different worlds I should have said.
True story. It is what it is, Paterson is the dumping ground for the poor in our state. Every major urban city is like this. That’s why they always have failing schools…they always have a new class of poor immigrants coming to town.
I spoke to this new teacher that taught at Long Branch. She enlightened me to the fact that it is slowly becoming a immigrant hub for Brazilians.
40+ year realtor says:
September 22, 2021 at 8:21 am
I was born in Paterson. Both sides of my family have roots in Paterson and owned businesses there. My family owned more than a dozen apartment buildings in town until the 1990’s. I have sold scores of 1 to 4 family homes for financial institutions there over the years. I currently live about a mile from Paterson. Paterson isn’t going to be the next Hoboken. Paterson is where you move to when you get pushed out of another city that is experiencing gentrification.
Just my perspective, but Paterson real estate values rising is directly correlated to continued immigration. Contrary to the article, I don’t believe that many of the new arrivals are moving after being priced out of a different neighborhood. Instead, I believe there are several neighborhoods where new immigrants have a network to arrive into. As the article said – Dominicans, Palestinians, Bengalis, (but really many nationalities of Latin America, the muslim world and the black nations of the Carribean, etc.) – my point is they START in the USA in Paterson and then move outwards, moreso than moving to Paterson after starting out in Washington Heights or wherever.
To that end, I always find it interesting to hear from immigrants how they got to the US, who they knew here before arriving, and where they started out.
That’s why they always have failing schools…they always have a new class of poor immigrants coming to town.
My best students are often from poor immigrants. They tend to place a high value on education given their new found opportunity and also force their children to work harder and hold themselves to a high standard.
I can’t wait until they hang a banner over Governor Street that reads “Welcome to New Hoboken”.
Hackensack is the New Hoboken, or hopes to be.
When I was on med school interview at UMDNJ, they were talking about how your residency would be in New Brunswick, Hamilton, or Camden. This was in 2001. She was like “a lot of people think Camden is slated to be the Hoboken of Western NJ”.
After a recent hockey game at the Ice House in Hackensack, we dined in a very good/relaxed pizza joint that was made out of a former garage right by the court house. Since it was an old garage, half the storefront was a floor to ceiling, wall-to-wall, garage door, which they could open fully to make the place Covid safe and gave the joint a real cafe like feel. Sadly, 90% of their business was takeout, which is the Millennial way. We also passed an absolutely packed Cuban place also with an open front which looked pretty interesting and was completely filled with the hipster crowd.
Main Street is definitely changing for the better down by the river. The pizza joint is called Evoli. Great casual service too and pretty affordable.
The “Bin Laden Effect”
In a moment that froze some witnesses on the ground, Air Force fighter jets intercepted a Cessna aircraft above the George Washington Bridge and escorted it away from restricted air space during the 76th session of the United Nations General Assembly in Manhattan on Tuesday.
The Cessna 182 is owned by the United States Military Academy at West Point and was being flown by an Army instructor pilot, the academy said in a statement.
The instructor was conducting a “civil and mechanical engineering” flight lab for cadets when the aircraft “briefly violated” a Temporary Flight Restriction Area near the George Washington Bridge around 2 p.m., an academy spokesperson said.
President Joe Biden had just addressed the UN General Assembly and was scheduled to return to Washington, D.C. about 15 minutes later, authorities said.
Lib; I will have to check that place out. There is redevelopment going on all over Hackensack from the entrance to the town from River Edge and all the way down. There must be 15 to 20 different developments in various stages of completion.
Don’t laugh, but my brother’s law office is on Cooper Street in Camden. Though he is semi-retired, as a partner, he owns a share of the real estate that is the Law Office. If you knew how much Rutgers has offered the firm for the small brownstone, you would vomit.
Of course, you can’t even walk in the area 2 blocks away.
BRT,
You should have been Walter White. Or ISIS. Well, not sure you have the “looks” to be the second one.
https://youtu.be/FdBRLV6PGro?t=27
3b,
Tell me what you think. Their wings were pretty good too.
Hackensack is riding on the jobs that come from the hospital which will soon open a very large addition. Generally well paying careers.
No better wings than the ones I make at home with an air fryer. One of the easiest meals I cook.
Lib: Will do.
Cooper in Camden is where they send Med students to learn about gunshot wounds. University and St Joes in Paterson are second and third.
What would it take to Make America, and this street, Great Again?
I can imagine who wonderful it was to grow up in those neighborhoods. West Broadway/Presidential Blvd. down below in Paterson is rather scary to drive through. These areas in their heyday must have been great.
Phoenix: Could be with the hospital, but I thinks it’s more than that. Developers are marketing it as Hoboken north, aiming at young people. Meet me in “ The Sack” is the tag line, so bad in so many ways, but that’s the line.
Brooklyn’s in Hackensack is a decent coal oven pie. They are from the same family as Grimaldi’s.
On wings. I’ve got two methods. One is just bake them in the oven in cast iron skillets. You can give them a lite coat of salt and baking powder which creates a crispier skin. They crisp up on the bottom and you flip them halfway through. You get more crunch than the deep fry.
Other method involves deep frying. But I save all my rendered chicken fat from previous meals and fry it in it’s own fat. It’s quicker, but I like the skillet method better.
For hot sauce, I use my own homemade fermented hot sauce. Although, I’ve done things like mix it with a tablespoon of fruit jam that I’ve made. Raspberry hot wings are phenomenal. I’ve also squeezed blood orange over the top of them, which is a Moroccan thing.
When I go the deep frying route, I make buffalo cauliflower as well. I roast it to soften it up, let it cool, chop it into bites, then flour, batter, and coat it in semonlina flour. It deep fries quickly and is perfect with the wing sauce and blue cheese.
I was in Camden years ago, and recall seeing blocks with no houses or a couple of houses and just the post with the name of the street on it. Very sad, looked like a mini Detroit back in the 80s/90s.
Don’t laugh, but my brother’s law office is on Cooper Street in Camden. Though he is semi-retired, as a partner, he owns a share of the real estate that is the Law Office. If you knew how much Rutgers has offered the firm for the small brownstone, you would vomit.
Of course, you can’t even walk in the area 2 blocks away.
I’m surprised they offered them anything. In New Brunswick, Rutgers seized everyone’s property via eminent domain. Maybe it’s because they are lawyers and can actually defend themselves.
My boomer north jersey relatives and their parents would go clothes and shoe shopping in Patterson in the late 40s and 50s.
“My best students are often from poor immigrants. They tend to place a high value on education given their new found opportunity and also force their children to work harder and hold themselves to a high standard.”
They are so tenacious that they will hang onto the undercarriage of a C-17 to get to class, even trying to defy the laws of physics doing it. Or help re-enact a western in Social Studies being roped and whipped by the Border Patrol.
Have to say they do go above and beyond.
For you HMB
https://youtu.be/KF0gsbQKhD8?t=13
BRT,
I’ll keep that deep fried food to a minimum hoping never to go on ECMO.
That video of the Haitians being whipped by border patrol was pretty damning. This country is so fukced up.
Phoenix
The families would have 1 car. Husbands would drive to work, the work, the wives would get the kids ready for school, cook, clean, and day drink
Libturd, fast, Phoenix, and pumps should form an LLC together and buy and fix multi families or buy and build on vacant lots in Patterson. And get Netflix to do a documentary on it. The meetings alone would be great tv.
Lib: I don’t understand why the Haitians are being sent back, if people from Mexico and Central America are allowed in ,no questions asked then why not the Haitians. And Harris and her crocodile tears, she is supposed to be the border czar, so come up with a plan and implement it, not just condemn what’s going on. Who is more at fault?
It’s the camera’s and the technology Lib.
The things you would never think could happen, or you would never see.
Like a female Kindergarten teacher kicking a child.
The police framing an innocent man on their body camera.
A female teachers dirty texts to a middle school boy.
Haitians being whipped by the border patrol. The list goes on and on. And you know it’s real. No gaslighting here.
Things you didn’t see, Jeffrey Epstein’s death. Just think, with that budget, no one could afford a Nest Cam to watch him? Yeah, okay. Just the fact that there was no camera tells me it’s a hit job. All Day Long.
Bin Laden, buried at sea? Well, that’s another way to hide evidence. I wonder how early on he was really killed. It’s not like Presidents, Generals, Politicians, and just about anyone else don’t lie anymore. Cameras caught them too.
Except now, since people are caught bold faced lying on camera they just double down and gaslight.
The poor immigrant students in rich towns are much different than the poor immigrants in a place like Paterson. Way different families and work ethic.
P.S. this is not meant to be taken in a negative way. Just sharing what I have learned over the years…
BRT says:
September 22, 2021 at 9:54 am
That’s why they always have failing schools…they always have a new class of poor immigrants coming to town.
My best students are often from poor immigrants. They tend to place a high value on education given their new found opportunity and also force their children to work harder and hold themselves to a high standard.
Socio-economics is the new “race”.
At an inflection point now in terms of location.
Kiddo sending applications out. To be safe we’re looking at
schools on both coasts. Next 6 months should interesting.
Seems to me there would not be very many poor immigrant kids in rich towns.
3b says:
September 22, 2021 at 10:59 am
“Lib: I don’t understand why the Haitians are being sent back…”
Do you actually believe the incompetent Biden admin when they say they’re sending Haitians back, or in any way enforcing border security or implementing a coherent immigration policy? If you do, you shouldn’t.
Many Haitian migrants in Texas border town of Del Rio being released into U.S.: AP — https://www.cbsnews.com/news/haitian-migrants-released-united-states/
Won’t be long before this list will be sorted by state and county. You will be able to see what your locals are up to.
“Hacker group Anonymous has released a massive trove of names, passwords and addresses of far-right website administrators, that experts are calling the ‘Panama Papers of hate groups’.
The intrusion targeted Epik, a Washington-based domain registrar that provides a safe haven to far-right websites, some of whom had been turned away from more mainstream web hosting services.
The 150 gigabytes of data are a ‘who’s who’ of Internet – and real-life – trolls. Epik has hosted QAnon home base 8chan, neo-Nazi news site The Daily Stormer and the far-right social media platforms Gab and Parler.
Experts say that the vast amount of data could take years to sift through.
‘It’s massive. It may be the biggest domain-style leak I’ve seen and, as an extremism researcher, it’s certainly the most interesting,’ Elon University computer science professor Megan Squire told the Washington Post.”
“Do you actually believe the incompetent Biden admin when they say they’re sending Haitians back, or in any way enforcing border security or implementing a coherent immigration policy? If you do, you shouldn’t.”
Pumpy says they should go work at fast food restaurants making your cholesterol and fat laden Lipitor Burgers for you. Is he right?
From the article I would not say Paterson is close to NYC, in some respects, but not to the degree stated in the article. I have taken the Jitney bus along Route 4 into Washington Heights from time to time and the reverse trip. I have heard minorities on the bus refer to it as the Ghetto Bus. It’s 3 bucks from the GWB bus terminal to where I get off on RT4. You have all ethnicities that take it. At Fort Lee, the Asians get off, then Teaneck, Blacks and Orthodox Jews. The bus snakes all along Rt4 all the way up to Paterson. It’s a long slog. You put your cash fare in a plastic bucket, and the cost depends on where you get off. The driver will make change. It’s a whole other world .
Small As per the WSJ they are being sent back, a couple of plane loads have already gone this week. Other Haitians are crossing back into Mexico to escape being sent back. If any group deserves to be let in no questions asked then you would think it would be the Haitians.
“Seems to me there would not be very many poor immigrant kids in rich towns.”
Exactly.
3b,
We used to take those vans into the city from Jersey City. We affectionately referred to them as, “assvans.” Because they always smelled like, “ass.”
I think north jersey will be predominately asian and jewish orthodox. You have massive influxes of all different types of asians coming in. Lots of them are Muslims.
Maybe parts of Paterson gentrify, I just wonder if this happens, where do all the poor immigrants go…west jersey? Maybe Pa and ny state around orange and rockland counties? Maybe they move down south?
3b says:
September 22, 2021 at 11:21 am
From the article I would not say Paterson is close to NYC, in some respects, but not to the degree stated in the article. I have taken the Jitney bus along Route 4 into Washington Heights from time to time and the reverse trip. I have heard minorities on the bus refer to it as the Ghetto Bus. It’s 3 bucks from the GWB bus terminal to where I get off on RT4. You have all ethnicities that take it. At Fort Lee, the Asians get off, then Teaneck, Blacks and Orthodox Jews. The bus snakes all along Rt4 all the way up to Paterson. It’s a long slog. You put your cash fare in a plastic bucket, and the cost depends on where you get off. The driver will make change. It’s a whole other world .
Medicare must be paying pretty good:
Jefferson Washington Township Hospital celebrated a new 7-story addition that includes a 240,000 square foot tower with all private rooms where patients can control the temperature, lighting and window shades in their rooms with remote controls. The Silvestri Tower marks the conclusion of an overall $222 million construction project that also included a new 8-level, enclosed parking facility that opened in 2019.
Exactly why I said what I said to BRT. Very few poor immigrants make it into the rich towns. If they do, they have parents that are hell bent on education and improving their life. They have a grasp of the English language and value education.
Libturd says:
September 22, 2021 at 11:26 am
“Seems to me there would not be very many poor immigrant kids in rich towns.”
Exactly.
Pumps: I don’t think that’s exactly what you said to BRT, but whatever.
Pumps: Rockland and Orange Co s are expensive so I don’t see poor people flocking there. Ultra Orthodox/ Hasidic Jews have been In Rockland for years, and there population is growing. They have branched out into Suffren, and Pomona, and are moving into Mahwah, Upper Saddle River and Montvale. In Montvale they own a few of the office buildings in the dying corporate parks up there. This of course is making many of the so called Liberals in these towns very uncomfortable.
Lib: Yeah, they do smell, I don’t think they ever clean them. I believe the last bus out of the GWB terminal is 2:00 AM, and then they start running again at 5:00
AM. My sophisticated friends and neighbors are horrified when I tell them I take those buses. OMG, aren’t you afraid??!! Are you like the only white person on the bus?? I would never take those!! I took the subway, 4, 5 and 6 lines for years , and grew up in the Bronx, I ain’t afraid of the Ghetto bus!
Most transparent administration in history. 3 questions for BoJo followed by a shouting match of WH aides so that the most popular president in history doesn’t have to answer any questions. US Press make formal complaint about unequal access.
Clown world.
https://twitter.com/CBSNews/status/1440432398223622157?s=20
You can take your analysis and stop right there. I taught at Rutgers for 5 years. And my best student there, who also graduated the top of the chem department, his mother was a polish immigrant that didn’t even speak English. Btw…how do the Indian immigrants in district do? I already know the answer.
I think Biden would answer questions if he could.
Still, a bumbling fool is a better president than any populist option. I just read where Bush is planning on stumping for the non-populist platform now. Interesting. Trump is the gift that keeps on giving to the Democrats.
On the Haitian immigrants, I think everyone is focused on all the wrong things. First and most important question is how did thousands of Haitians get from Haiti to Mexico? It’s not that close and I’m surprised Mexico would be granting any kind of visas given the emergency situation and if they aren’t how are the Haitians getting into Mexico. Someone is behind this “disaster” and it’s not the dead broke Haitians, why do we not know who is subverting our laws intentionally?
Second realize even the DR doesn’t want to take Haitian “Refugees”, the solution for Haitians has to be in Haiti. Yes the history of colonial repression from the French played a big part the problems with the country but Haitians bear much of the responsibility for what has happened, excessive birth rates and the literal destruction of the environment through deforestation has devastated the country. Quite literally they went for lush rainforest in 1950 with 3m people to almost 11m people and the country is an arid wasteland. This is a country where approximately half the country is literate. Birth rate needs to go down, the crime rate needs to go down, the country needs to be reforested, and tourism needs to be a significant industry if Haiti ever expects to have any kind of economy.
They were already in South and Central America for 5,10 or even 15 years accepted by those countries like Panama and Brazil as refugees. They organized on Social Media and all went at the same time to the border.
They all want to move to NYC. I am not kidding either. Spring Valley NY, Boston, and DC have large Haitian communities.
Jcer: I don’t know what the answer for Haiti. They had to pay the French government millions over years to compensate them for property lost after independence. That type of financial burden for decades prevented any real development. Of course the US took over a couple of times; I believe in the earlier part of the 20 century we were there for 15 or 20 years. A lot of Haitians have moved to the DR and they face heavy discrimination. The DR government has started to build a wall on the border with Haiti, and its overwhelming supported by the Dominican people. Whatever the reasons Haiti is a mess , I don’t see any turnaround anytime soon.
Yes, I already have said the Indians do well in my district. They value education.
What’s your problem? Everything is a fight with you.
Did you know I came from an immigrant family? I have lived it. My dad started out in yonkers and my mother in passaic. She moved to Clifton freshman year of high school. A lot of immigrants in clifton are hard workers that have moved up from Paterson or Passaic.
BRT says:
September 22, 2021 at 12:18 pm
You can take your analysis and stop right there. I taught at Rutgers for 5 years. And my best student there, who also graduated the top of the chem department, his mother was a polish immigrant that didn’t even speak English. Btw…how do the Indian immigrants in district do? I already know the answer.
Juice: Spring Valley is certainly a different combination. Hasidic Jews and Haitians.
When I visited the Bahamas in 2005, Haitian immigrants were apparently displacing the native population there. It was all over the papers. In Florida over the summer, at Disney, you see where everyone is from on their name tag. I must have seen at least 50 or 60 Hatian immigrants working for them. In general, everyone of them I’ve met have been great people, looking for a better life. Much like the immigrants from South America.
The Little Chef pastry chef in Princeton is from Haiti and he’s incredibly dedicated to his craft. Again, great guy.
That being said, uncontrolled immigration simply hurts the supply/demand labor dynamics of the lower class in the US. It should always be controlled to be an appropriate amount, and not something our systems can’t handle.
And you said you worked in top district, how was I supposed to know you are talking about college students from Rutgers?
BRT says:
September 22, 2021 at 12:18 pm
You can take your analysis and stop right there. I taught at Rutgers for 5 years. And my best student there, who also graduated the top of the chem department, his mother was a polish immigrant that didn’t even speak English. Btw…how do the Indian immigrants in district do? I already know the answer.
Pumps: Not many Indians in Paterson, but there is a large population of people from Bangladesh, and they are primarily Muslims.
And you said you worked in top district, how was I supposed to know you are talking about college students from Rutgers?
That’s my problem with you, your assumptions. But, it’s not like I haven’t casually mentioned I taught college the past 10 years. It’s not also like I casually mentioned numerous times that I’ve taught the lowest level courses in the schools as well. You consistently have have ignored that or forgotten it. It’s been a staple of yours. You have an amazing ability to not believe what you see…but see what you believe.
Population of Haiti has tripled in 50 years from 4 million to about 12 million, there are at least 2 million now living in the USA..the GDP of the entire country is only 14 Billion… The other size of the Island the Dominican Republic has a similar sized population with a GDP of about 90 Billion. Heck we had an IPO today worth 30 Billion alone…..Streets of the USA are paved with gold, we would not want to come here?
Fair enough, I had no idea you were referencing college students. My apologies.
14 billion….pffft… that’s like 1 percent of a stimulus package. Print it up and send them 20 and they are instantly twice as wealthy.
We almost bought the DR back around 1870 or so, Grant wanted a naval base and worked out an arrangement with the DR President at the time to buy it. Congress refused to approve it.
12:47 I’ll take a fool over a liar any time!
Multiple sources now positing that Capital Gains tax rate moving to 25/28.8, but effective immediately upon passage, not 1/1/22….. keep an eye on the timeline for when Biden has something to sign….. it looks as if the market has priced it on a relative basis large cap versus small….
” I ain’t afraid of the Ghetto bus!”
Did you look like this?
https://townsquare.media/site/722/files/2021/07/attachment-rodgers1.png?w=1200&h=0&zc=1&s=0&a=t&q=89
HMB,
When are the tryouts for the show?
On the things that matter, you know like governing, Biden has lied as much or more than trump. It’s constant. Or he’s evaded telling the truth by hiding in the basement.
We can’t get basic answers from the administration, like those making the decisions.
O’Biden is a fool and a liar:
I want to encourage unity
We will not leave Afghanistan before we get every American out
I did not promise to tip off the Chinese while Trump was president
I’m not taking it (the vaccine)
The unvaccinated are killing the rest of us
We had a successful drone strike against the ISIS-K planner
This budget plan will solve all of your problems
The Southern Border is closed
We aren’t planning on instituting a vaccine pass program
Phoenix, No, he is too dark.
All that it takes to illustrate the double standard, and fake news agenda is to look at one story— Hunter Biden. That alone would have caused an epic meltdown and non stop calls for impeachment. The propaganda is silent.
Hostile illegals at the border. That’s a derivation by Biden.
That’s just a few stories of many. Trump they were 90% negative coverage.
These people have no legal claim to be here. Many of them went to Rio for the Olympics and decided to move to greener pastures when Biden opened the border in the middle of a pandemic.
Home bridge loans are an idea I just heard about. May be the difference between “winning” and losing the next bidding war.
From a Bloomberg newsletter from Matt Levine:
The basic deal is that if you have a valuable asset you can borrow against it. If you own a business, it can get bank loans or sell bonds. If you own a house, you can get a mortgage. If you own a million-dollar house, you can borrow $800,000 against it and tie up only $200,000 of your own money. And the bank gets the house as collateral, so it feels fairly safe lending you all this money.
But what if you want to buy a valuable asset? You can go to a bank and say “I want to buy this asset, you should lend me 80% of the purchase price and I will give you the asset as collateral.” And then the bank lends you 80%, you chip in 20%, you go to the seller with 100% of the purchase price and you buy the asset. That seems perfectly sensible. But there are timing problems. A trivial timing problem is that the bank doesn’t want to lend you the money before you buy the asset (then it would have no collateral), and the seller doesn’t want to sell you the asset before you have the money (then it wouldn’t get its money). But that’s fine, you just schedule things so that it all happens simultaneously; you arrange a closing at 9 a.m. on Thursday or whatever and at that time the bank wires the money and the seller delivers the deed and it’s all fine.
There are fuzzier but harder timing problems. The bank will want to underwrite the collateral: It will want to do due diligence on the business you’re buying, or get an appraisal on the house you’re buying, or whatever. The seller might need to cooperate with this: The seller of a business might need to deliver financial statements to the financing bank, or the seller of a house might need to let an appraiser in to look around. All of this stuff can be time-consuming and distracting, and no one will want to do it pointlessly; everyone will say “we’ll only do this work if we’re pretty sure that you’re serious.” And so the bank will say something of the form “we will do all the work to underwrite a loan once you have an exclusive agreement with the seller to buy the asset.” And the seller will say something of the form “we’ll give you an exclusive agreement to buy the asset once you have the money.” And that is the hard timing problem.
There are well-known half-solutions. If you are trying to buy a business, you hire a big investment bank and the bank sends a letter with your bid saying “we’re highly confident that we can raise the money for this deal,” and the seller says, well, this isn’t quite as good as having the money, but it’s pretty good, good enough that we’ll sign an agreement to do the deal if they can raise the money. If you are trying to buy a house, you go to a bank and get a mortgage pre-approval, where the bank basically says “we have looked at your income and credit report and we think we’d give you an $800,000 mortgage if the house is good enough,” and the seller says, well, this isn’t quite as good as having the money, but it’s pretty good, and we think the house is fine, so we’ll sign a contract to sell the house if they can raise the money. And then most of the time it all works out: The bank does its diligence, it’s happy, it gives the buyer the money, and the deal closes a few months after the contract is signed. And sometimes it doesn’t: There’s a material adverse change in the business, the bond market freezes up, the house is built on quicksand, whatever; the bank says no, the deal falls apart, the seller keeps the asset and everyone has wasted time and money and effort.
This is mostly fine, but some people do like having more certainty, and in a seller’s market the seller can demand it. In the merger market, there are commitment letters (where a bank commits financing at the time the deal is signed) and bridge loans (where a bank lends money for a short period to do the deal, with the plan being to “take out” the bridge loan with more permanent financing when syndicated lenders or bond investors can underwrite the business) and deals with no financing contingencies. You give sellers more certainty and speed of financing, so they know you have the money. And you pay your banks more for that certainty and speed.
Meanwhile in the U.S. housing market right now, sellers can generally be choosy about buyers. A buyer who says “I have the cash and can close tomorrow” is more attractive than one who says “I am highly confident I can get a bank loan if the appraisal comes in high enough, so let’s plan to close in three months.” And so if you are a buyer and do not have cash for 100% of the purchase price, you might reasonably go to a bank and say “look, I am good for it, but you gotta be ready to lend me the cash as soon as I sign a contract, without waiting for appraisals and things.” And the bank will say no because banks don’t work that way. So there is a market niche waiting to be filled. And here you go:
When Nestor and Tracy Eugenio decided to move to northern California, they worried about landing a home in such a competitive market. The Eugenios planned to take out a mortgage, which is often a disadvantage when pitted against all-cash buyers who can close quickly.
So they turned to Flyhomes Inc., which helps buyers with less cash on hand make all-cash offers. The Seattle-based startup bought a three-bedroom house in San Ramon, Calif., for $1.525 million in May on the Eugenios’ behalf, then sold it to them at the same price a few weeks later when their mortgage closed.
“We weren’t the highest, but we had the best terms, because we had a cash offer,” said Mr. Eugenio, who competed against five other bidders for the house. …
Now, a number of startups are offering programs to help level the playing field. Some of these companies front buyers the cash to buy their homes outright, while others buy houses directly on a buyer’s behalf and then sell them to the buyer. The programs often target homeowners who need to buy a house before selling their current one.
“It’s really taken off this year,” said Mike DelPrete, scholar-in-residence on real estate technology at the University of Colorado at Boulder. “In a seller’s market—high demand, low supply—you need to empower buyers.” …
Cash-offer companies are paid through commissions, fees or both. In some cases, the companies act as the buyer’s real-estate agent or mortgage lender and are paid through sales commissions or origination fees. Other companies charge a flat fee, often between 1% and 3% of the purchase price.
If you get paid 2% of the purchase price for the, say, two months it takes to get a mortgage, that’s a pretty good return, better than the mortgage bank is getting. (Also if you are a company that does this, you can probably get a lot of leverage on your portfolio: Instead of lining up a bank to give you an 80% loan-to-value mortgage on a house, you buy 100 houses for cash and get a bank to give you a line of credit for 80% of the value of your portfolio.)
Anyway this is a cool story of financial engineering filling in gaps in a market, but it also answers a burning practical or, really, social question that I have. As a person of a certain age living in the New York metro area, most of my conversations are about residential real estate, and they all go like this:
Person 1: Let me tell you about how hard it has been for me to buy a house.
Person 2: Yes please tell me about it, it has also been very hard for me to buy a house.
Person 1: Yesterday I put in an offer of 30% over asking on a house, but I lost to an all-cash bidder.
Person 2: Who are these people? Who can afford to pay all cash for a house?
Person 1: Yes who are these people? Why do they have so much money lying around?
The answer might be “people who got financing from cash-offer startups rather than banks,” which is a good honest financial-engineering answer rather than a depressing “lots of people are rich” answer.
3b well aware of the colonial history. But the payment was one of political expediency, the people preferred the option, Henry Christophe had the right idea, upon hearing about France’s demands he was said he’d give them the end of his bayonet, he had a plan for French invasion and was building fortresses vs. a payoff that took 120 years to make forcing the French into a guerrilla war in an area that constrained their supply chain wasn’t going to last long, the French had no will to fight and were a paper tiger at that point, they had lost the majority of their major American bases. Christophe was very unpopular and unfortunately in bad health. Bad leadership and an ignorant population is at the root of the problem, you cannot grow your population when you are resource constrained. The population of Haiti is fundamentally unsustainable, they have no geographic advantage, and have had brain drain, your best and brightest Haitians fled at the first opportunity.
The animosity from the Dominicans has nothing to do with discrimination or racism and everything to do with Haiti’s invasions in the 19th century, Dominicans don’t like Haitians it is historical. The issue in the 19th century was also of policy, the genocide against the white islanders and anti-white policy prevented foreign investment and settlement. The Haitians desperately needed those white folks they massacred, I get the anger it was justified, but the reality is that effectively destroyed a very effective agricultural economy. It really is no different from what happened in Rhodesia. The fact of the matter is you need educated and skilled people who know how to do things plus capital, in 1804 in Haiti that was sorely lacking, farming is science, you do it wrong you don’t get the yield or you destroy the soil. The other issue is agrarian economies don’t tend to do so well as there is not too much value add and it cannot possibly employ large numbers of people(at least now, in 1804 vast numbers of people were required) if you practice it efficiently. Haiti literally destroyed their environment over the last 60 years.
The economies of the Caribbean Islands are all somewhat similarly constrained. Geographically speaking they suffer from poor weather, poor infrastructure exacerbated by the natural landscape, they have limited agricultural opportunities either they are volcanic(better for agriculture but limited in what they can produce) or are sand. Tourism pretty much has to be a key activity in their economy(the DR effectively doubled it’s per capita GDP in the past 20 years and was maintaining a 6% unemployment rate before the pandemic mostly on tourism and tourism related industries some 20% of their economic output), fisheries, limited agriculture, etc, and then services . Cost and difficulty of transport limits the ability to supply raw goods and energy, so they never could compete as place of manufacturing against countries on the NA continent like Mexico. Your other economic opportunity in the Islands would be white collar work, like Bermuda or the Caymans, a Tax haven. The issue is Haiti has never been politically stable nor had rule of law which effectively eliminates being a tax haven or attracting international businesses, it is so bad it effectively killed what little tourism they had.
The Clintons especially love Haiti, probably for different reasons.
zOeqMhjCTo
I’ll go further on Hatian-Dominican relations, Haiti is a drain on the Dominican Economy and it’s services. 22% of Haitian born children are born in Dominican Hospitals because they will not deny services, Haitians are encroaching on the border and stealing wood from the DR because they have deforested most of their country, 60% of their energy comes from burning wood. Haitian labor drives down wages, there are also issues of rampant crime that follows the Haitian illegal aliens in the DR.
Doom for the week
https://www.news.com.au/finance/economy/world-economy/evergrandes-thursday-bond-payment-deadline-could-trigger-global-financial-contagion/news-story/dfb95cff9803034e61066460f61569fc
To comment on Paterson, if Paterson real estate is so called “Hot” ,we are in a bubble. That is usually the tell, ridiculously unsustainable pricing in the ghetto without corresponding urban renewal. until I see real estate developers completing and selling new projects there I don’t believe the value increases make sense. The other dead give away is the narrowing of the spread between top tier and second tier towns. Subsequent downturns always effect gentrifying areas but the difference between an area that rebounds quickly vs. languishes at bottom prices after a collapse is what percentage of the neighborhood is desirable new construction. Paterson for so many reasons is simply not that desirable, arguably much nicer, safer suburban towns surround it with nearly identical access to the regions employment centers, those places have not inflated to a level where the pricing in Paterson makes sense. Haledon, North Haledon, Hawthorne, Fair Lawn, Saddlebrook, Towtowa, Elmwood Park, and even Clifton are all much better places to live than Paterson.
Hackensack is a far more attractive place for gentrification, although calling it the Sack probably hurts more than it helps. Hackensack has great road access to 80 and the turnpike, plus the train. It also has some high rises already and decent housing on the west side of town, the downtown is definitely an asset as well that could be nicely redeveloped without massive urban planning efforts and public-private partnerships.
HMB, the situation in China is dire. It really depends on what the CCP does, they can contain it or let it burn or something in between. In any event it seems we are headed for hard times and Herbert Hoover in the Whitehouse and his band of reprobates want to make sure we feel it even more.
Jcer : You should see the amount of development on Hackensack it’s amazing Meet me in the Sack is the tag line as I said, it’s bad but that’s what they are going with.
Jcer: It’s a sad history that’s for sure. The most racist comments I have ever heard was not a Dominican guy I knew said about Haitians. I was absolutely shocked!!
Less than 2 miles from Lafayette street in Hawthorne to Market street in Paterson. Night and day.
JCer
Don’t worry joe and Jerome will save us all. He’s contained covid and fixed the border issues. Next up is world peace. He needs a Nobel prize too like O.
REAL doom for the week.
I do not doubt for a minute that the Republican minority in congress, somehow still in office, will risk all of our futures not extending the debt limit. Heck, Trump got his giant tax breaks and extra trillion when the going was great. But fear not, the populist morons, clueless about the real economy(yours), are going to tank the greater market in a failed attempt maintain theirs. I wish I was wrong, but nothing they have done so far in 2o21 has me believing otherwise.
I don’t ask you all to read many things here. But this one is scaring the crap outta me.
https://www.moodysanalytics.com/-/media/article/2021/playing-a-dangerous-game-with-the-debt-limit.pdf
I especially like the scapegoating the xenophobic right continues to exhibit about leaving the border open during a pandemic. So what you are saying is that it was okay to leave the border open when there was no pandemic? Meanwhile, the same moronic party is still anti-mask, anti-vaccine and anti-common sense. It must suck royally to keep losing.
Liberal sympathizers just can’t stop mentioning Trump.
And, the xenophobic right? The left are the quintessential elitists, rac1sts, intolerant zealots, sticklers and extremists. Do as I say, not as I do as they p1ss from their ivory tower balconies.
And losing to what? Dreams of a communal state and a gray-washed culture? Actually, you may be right about the losing part as this country is becoming a bunch of half-witted oafs trailing an even larger mass of moronic muppets.
Of course it’s not soaring debt to GDP that’s scary, it’s the unwillingness of politicians to keep upping the credit card limit. At least when it’s politicians you like doing the borrowing and spending. Federal debt to GDP since 2007 doubled from 62% to 125%.
The debt limit always eventually gets hiked when the minority party gets their share of pork barrel deals. But you cannot get it without pretending that you’re against soaring indebtedness. The debt limit is one of the few levers they have to get something. Looks like the media will get an early start criticizing the Repubs for using the debt limit vote to try to have some say in government spending.
If the government wasn’t spending money like a drunken sailor, and planning to double down with this plan for “human infrastructure” spending, then the debt limit wouldn’t be a big deal.
We should buy a T-shirt for Pumpkin that on the front says “Human Infrastructure” and on the back says “Your Tax Dollars at Work”.
Lib that is an ominous conversation, both sides need to fix this. The democrats are out of control with their spending, they need to compromise. US default is not an option and the fact that it is even being contemplated or mentioned is a serious problem.
Lib it’s not a left-right issue at this point both sides are playing dangerous games. Corporate tax increases and capital gains increases are bad public policy, we know this, there is a raft of evidence to indicate when these things are done middle class prosperity is reduced. Yet the idiot democrats advance this….why, because they need to raise taxes and anything else is unpalatable to the electorate. Just restore the clinton era income tax rates and be done with it and across the board because the math deficient democrat voters haven’t figured out their is not enough income on the top 1% to tax in order to do what the dems want to do. Also there will not be enough for all their hopes and dreams so lets put those away until we figure out how to actually govern, we can think about massive fruitless government programs(not actual infrastructure which is generally positive right away) when there isn’t crushing federal debt.
Close the border and send them back, we need to take care of our own people first, importing the third world just brings third world problems. Skilled immigration is certain up for discussion and unskilled if there is an urgent need for labor(sustained essentially 0% unemployment rate) but we have not seen that yet.
No One,
You do realize that raising the debt celing this time is based on the money that the dumb, drunken Orange sailor spent, right?
Both parties have been sending multiple four digit checks to nearly every single family in the country. I agree, it’s a non-partisan issue. But I’m not sure today’s Republicans will give in, even after getting everything they want. That is my concern. Partisan politics have become so toxic, not only are lots of decisions not what the majority prefer, but in some cases, (see just about everything DeSantis has done in Florida) they are actually anti-economic growth and anti-health, all in the name of populist policies. And though they keep losing, they continue to double down on this toxic platform like a blackjack player who keeps getting dealt elevens.
I’m not so sure that tax cuts are really helping anyone if the government does not cut their spending.
Jerry P head of the Fed, says tapering could start in November, and interest rate hikes in 2022. What a joke!
3b, the issue was with the Haitians after the revolution. They instead of trying to make nice were militant, they slaughtered the whites men, women, and children. When the Spainish governors of Santo Domingo, basically kicked the Spanish crown out they went to the Haitians in good faith about becoming a single country. The Haitians basically took over and disrespected the Spaniards and Mestizo people who are something like 75% of the population, non-blacks were denied basic rights and when they discussed joining Haiti no one told the Spaniards about the money that had to be paid to France, high taxes were levied and looting from the Dominicans was common. The situation at the time was the Dominicans told Spain to p*ss off and needed military support they only had 80k population, no one was interested except Haiti, I don’t even think the Spaniards really wanted the colony anyway. White people could not own land, the Catholic Church was kicked out, children were murdered(by Dessalines no less) and this was in Santo Domingo so generally not slave owners as the Spanish did not really have a plantation system there. Haiti was finally expelled but they were such an issue for the Dominicans who had 10x fewer people, the Dominicans asked Spain to take them back! The French were literally monsters on Hispaniola, but the rebels were also not good and there have been so many bad actors from Haiti it is no wonder the place is such a sh*t hole.
You do realize that raising the debt celing this time is based on the money that the big-eared, empty suit
dumb, drunken Orange sailorspent, right?Fixed it.
O’Biden yelling at reporters while pointing arrogantly at the British PM: “Don’t ask me any questions, ask him!”
Jcer: Putting together the two entities never made sense due to the racial, and ethnic differences between the two.
3b, it’s not racial/ethnic. Most Dominicans then and now are not racist, black/white/native mixing was totally accepted largely after most of the natives died off Spain largely abandoned Santo Domingo as an agricultural colony as Cuba was the more profitable colony. The issue is cultural, the Dominicans are Spanish in culture, Catholic, that is what binds the people where as the Hatians were mostly African in culture, by many they were viewed as foreign invaders. Haitian slaves had huge death rates so slaves were being continuously brought in, even among blacks in Hati there was hatred between the French Blacks and the Africans. The successful military leaders among the Hatians were largely like warlords, good at battle and military strategy but very poor at governing.
The early governments of Haiti were about as atrocious as the current government of Haiti so no surprise there, they did not handle the culture issues well. Had the Hatians shown more respect to the Dominicans they likely could have continued as one country but by making people second class citizens they effectively created the same situation they came from and it caused the same results. The Dominicans kicked the Hatian’s a$$es every time they tried to recapture the territory.
5:33 give it up. You are dimmer than a 2ow bulb .
Ed,
You do realize that raising the debt ceiling this time is based on the money that the big-eared, conservative,Republican elected coke addicted pretend pilot spent on two unfunded wars.
Fixed it again for you.
I’m far left of the Democratic party on immigration. I strongly condemn and criticize both Obama and Biden from the left for their keeping low the number of refugee admissions during their presidencies (lots of deserving people out there being persecuted, yadda, yadda . . .). However, even to my sensibilities, Dan Crenshaw has it right in the video below – the powers that be are playing games with what is going on down at the Southern border, people are getting hurt, and it is all very easy to see through.
https://www.youtube.com/watch?v=Mr_MYFHWV1w
Crushed (and others),
Where does THIS sensible position come from?
https://www.bushcenter.org/catalyst/north-american-century/benefits-of-immigration-outweigh-costs.html
Good morning. Google told employees they can keep working from home until January. But the search-engine giant still sees offices as a big part of its future.
Google drove home that point this week with its $2.1 billion purchase of a waterfront office building in lower Manhattan, the biggest office deal during the pandemic and one of the biggest of all-time, Konrad Putzier reports. Google, Facebook, Apple, Amazon and other tech giants have emerged in recent years as some of the biggest renters and buyers of office space throughout the U.S. They are taking advantage of lower office building prices and putting billions of dollars in cash reserves to use.
“We know that our employees, in order to really be happy and productive, need to collaborate,” said William Floyd, Google director of public policy and government affairs. “Because of that need to collaborate, we’ve been investing more and more in office space.”
In the red-hot housing market, a clutch of startups is helping buyers make all-cash offers and prevail in competitive bidding wars. Some of these companies front buyers the cash to buy their homes outright. Others buy houses directly and sell them to the buyers, writes housing reporter Nicole Friedman. Even real-estate brokerage Redfin Corp. is getting into the game, piloting a cash-offer program in some markets. “It’s really taken off this year,” said Mike DelPrete, scholar in residence on real-estate technology at the University of Colorado at Boulder. “In a sellers’ market — high demand, low supply — you need to empower buyers.”
Few if any commercial real estate markets have suffered more from Covid-19 than San Francisco. That didn’t stop developer Hines and a South Korean pension fund partner from planning a $2.5 billion-plus office and apartment project there, one of the biggest developments in the city’s recent history, Konrad reports. Hines is betting that demand for high-end offices will be greater by the time the two office buildings open, in 2024 and 2025, and that remote work will lead more companies to ditch old office buildings for newer ones.
— Craig Karmin, Real Estate Bureau Chief
Real estate market finds a way…capitalism is a bitch sometimes.
https://www.wsj.com/articles/startup-firms-help-home-buyers-win-bidding-wars-with-all-cash-offers-11632216603?st=yqz4vdxp9dmfh0x&reflink=article_copyURL_share
“Cathie hasn’t been wrong since 2014. It’s predictable yet few have the stomach for it which is a shame. The gut is more important than the brain. All the FAANGS were in ARK in 2014 and the next acronym is in it today. SCUTS. Shopify, Coinbase,Unity,Tesla,Spotify”
Here is Blumpy’s (and Oz Powell’s) great capitalist economy:
https://youtu.be/l_LeJfn_qW0?t=213
Libturd,
The fact that it has some costs is not a reason to bar it, but rather to manage it.
Isn’t this the problem that no one is willing to manage it for the good of the country?
Libturd says:
September 22, 2021 at 6:45 pm
Crushed (and others),
Where does THIS sensible position come from?
https://www.bushcenter.org/catalyst/north-american-century/benefits-of-immigration-outweigh-costs.html
Yes.
Let’s all go to an outing on here. Best offer you will ever get:
https://877trainride.com/pumpkintrain.htm
You may want to read a more current article, not a biased piece that is 6 years old.
https://www.lawenforcementtoday.com/study-14-5-million-illegals-in-america-cost-taxpayers-nearly-134-billion/
You can’t paint immigration with a broad brush. There’s a huge difference between the immigration we’ve had from Europeans the past 25 years and the immigration we’ve had from South America. Massive importation of unskilled and uneducated people makes it more difficult for them to assimilate.
Alright Jim, I’ll start here. The Federation for American Immigration Reform is a non profit, anti-immigration organization in the United States.
Last time I checked, President Bush was a Republican.
Just more populist xenophobic bullsh1t. I know. Good thing your family came in before we became the country of morons.
And yes there is a cost. If Bezos can spend 5 billion to shoot himself into space, then there’s enough extra money out there to help most seeking asylum here.
Have you all noticed? Kids are back working fast food. Why? Cause there is no one else willing to do those jobs. I know restaurants that are closed three days a week due to lack of lower skilled employees.
We reap what we sew.
Hire a few judges. Put a process into place. Allow America to always be what she always was. Nah. Let’s cut taxes on the wealthy. They NEED that.
Lib – re: extra money…Bezos sells approx 1 Billion a year in Amazon stock to fund Blue Origin New Shepard space tourism program, probably tax deductible too. Blue Origin did get some NASA money but that did not fund the New Shepard rocket program.
Amazon is a massive cash machine. Good for him. I remember when he first started selling books.