What I’m Reading
SALT in the Wound: The Supreme Court rejected a challenge to the SALT deduction cap from the 2017 Trump tax bill. Looks like the $10k cap is here to stay, at least until it sunsets in 2025. Commercial Observer
Streamline: A new California bill – AB2234 – aims to speed up the non-discretionary approvals. The bill would require local governments to approve or deny various building permits within a strict timeline: 30 days for small housing projects with 25 or fewer units, and within 60 days for large projects with 26 or more units. San Francisco Chronicle I’ll believe this when I see it.
Expectation Game: Yields on government bonds are catching up with expected inflation after years of lagging behind it, a threat to the speculative stock-market bets that proliferated in the era of rock-bottom rates and economic stimulus. Wall Street Journal Looks like TINA is dead for now.
Rugged: The trucking market is already slowing down. China’s COVID lockdowns are likely to decimate it. Freight Waves
800 LB Gorilla: Amazon’s rapid-fire acceleration of warehouse construction continues to exert pressure on the supply chain for building materials, making products like steel joists and decking difficult to come by for other developers. Fortunately for the rest of the industry, Amazon is expected to slow its growth a bit after 2022. Bisnow
Chart of the Day
China demographics are so screwed.
Source: @MacroAlf
WTF
Fake it ‘Till You Make It: A man who married virtual character is now on a mission to educate others about so-called ‘fictosexuals’ because Japan. Yahoo News (h/t Tad Springer)
Get Off My Lawn: A 74 year old man was arrested for shooting another man and beating him with a golf club over a dispute about dog walking on a golf course because Florida. Golf Digest
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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