What I’m Reading
Wipeout: Los Angeles office leasing has ground to a near-halt, down 61% year-over-year. Commercial Observer
Breaking Point: With studios moving blockbuster releases back to 2021, movie theaters are among the many businesses that do not have a clear path to recovery. CNBC
Resilient: Back when the pandemic shutdowns began, dire predictions of an eviction “avalanche” seemed to be everywhere. However, actual evictions are way down this year – even in cities that never instituted a ban or moratorium. Globe Street
Long Term Problem: While the falling unemployment rate gets the headlines as furloughed workers return, the real risk to the economy is steadily rising permanent unemployment. Wall Street Journal See Also: Women largely led the last economic recovery. However, that is not happening this time around as a far greater number of women than men are leaving the workforce, thanks mostly to distance learning. CNBC
Snake Eyes: With Covid 19 tanking tourism, Las Vegas saw the biggest jump in apartment tenants who have stopped paying rent. Bloomberg Quint
Chart of the Day
Permanent business closures are unsurprisingly still on the rise.
Source: @adam_tooze
WTF
No Returns: A woman was arrested for narcotics possession after turning a bag of meth that she purchased over to police, claiming that it was “junk” because Florida. The Smoking Gun
If At First You Don’t Succeed: A man was arrested after he tried to carjack four separate drivers at a gas station because Florida. WHIO-7
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com