April 9th – Gravedancer

What I’m Reading

Gravedancer: Amazon is buying up distressed shopping malls and turning them into fulfillment centers, often ruffling the feathers of neighbors – who would prefer to see mixed use redevelopment – in the process.  NBC News

Culling the Herd: Mall vacancies are increasing at their fastest pace on record as retailers reduce store counts in the wake of COVID.  CNBC

Bottleneck: Home prices are rising so quickly in some areas that they have outrun appraised values, creating a situation where non-cash buyers end up with a shortfall at closing and either have to come up with more equity or drop out of escrow. This is a big part of the reason that sellers love cash offers.  IMO, while painful for the buyer it is a sign that the lending market is functioning properly and not getting as frothy as it could without checks and balances.   Housing Wire

Carrot: As part of its infrastructure proposal, the Biden administration is creating a grant program of at least $5 billion to offer to cities and town that adopt looser zoning rules.  A lot of people will take exception to this as federal encroachment on local control.  That being said, this approach addresses the source of the affordability problem – supply.  Other proposals like a large first time homebuyer credit actually make the problem worse by inducing more demand, pushing prices even higher.  Wall Street Journal

Big Shift: As people relocated during the pandemic, median rents dropped in more affluent US counties and soared in less expensive ones where residents earn less.  This deepened inequality since higher earners moving to lower priced areas created a surge in demand, making it more expensive for long-time residents.  At the same time, the bargains that resulted in expensive areas were mostly at the high end.  Zumper

Chart of the Day

Tesla is now accepting Bitcoin as payment.  However, if their cars simply ran on gas, they could cut out the middleman.  

Image

Source: The Daily Shot

WTF

Can’t Stop. Won’t Stop: A man who was preparing to leave jail after posting bond was sent right back after attempting to steal a webcam off a desk in the county lockup because Florida.  The Smoking Gun

Smile, You’re on Camera: A Michigan home inspector was charged with aggravated indecent exposure and malicious destruction of property under $200 after being unwittingly recorded by a nursery camera pleasuring himself with an Elmo doll.  The Smoking Gun

Basis Points – A candid look at the economy, real estate, and other things sometimes related.

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