Landmark Links February 22nd – Grandstanding


Must Read:  Governor Gavin Newsom is putting California cities on notice for not complying with a state law that requires them to plan for the construction of affordable housing.  The ironic part of this is that there is often little that cities themselves can do without reforms to stop CEQA abuse which would need to happen at the state level.  In other words, this grandstanding may be good for some headlines but will do little if anything to actually fix the problem at hand.


Give and Take: Deficits are raising interest rates but other factors like an aging population and slower productivity growth are lowing them.

On the Rise: The amount of outstanding US student debt in ‘serious delinquency’ has topped $166 billion.

Muted Impact: Yes, auto loan delinquencies are way up but they are in no way the next subprime, primarily since auto debt is a microscopic portion of the US economy next to mortgages.


Insatiable: Nearly 1 billion square feet of new industrial space has come online nationwide over the past three years but it isn’t close to enough to meet demand thanks to the supply chain sea-change brought about by e-commerce and last-mile delivery.  See Also: The 25 tightest industrial markets in the United States.

Taking Aim: CBRE has launched a new co-working business to take on We Work.

Un-Level Playing Field: Commercial real estate fundraising is slowing but the largest funds are bringing in as much cash as ever while smaller competitors struggle.


Short Way Down: Housing is already slumping – in terms of construction volume, it never recovered in the first place – so it probably will not be the cause of the next recessionSee Also: California existing home sales fell to their lowest level in over a decade in January.

Shrinkage: For three years now, the trend in new home deliveries has been towards smaller units as builders continue to try to attract entry level buyers.

Hot Market: Institutional investors can’t get enough of mobile home communities which are increasingly viewed as the last form of affordable housing in many markets.


Volatile: Investing in marijuana stocks is not for the faint of heart thanks to massive valuations and uncertainty about the future.

Sleazy: Consider this your periodic reminder that the payday lending industry is really, really shady.

Millennial Madoff: The final days of Theranos included delusion,  crashing workplace morale and Elizabeth Holmes’s dog (which she claims is a wolf) crapping all over the office.

Chart of the Day

Mortgage rates have round-tripped back to where they were a year ago.

Source: The Daily Shot


Voices: A man who drove his Ferrari off of a pier claimed that Jesus told him to do it because Florida.

Exposed: A couple was arrested for the second time for having sex on a sidewalk in broad daylight because Florida.

Lock Them Up: A couple is being charged with child abuse after switching their baby off a doctor-recommended formula for a potato-based concoction “consistent with their vegan lifestyle”, resulting in near-starvation because vegans.  Also because Florida.

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