What I’m Reading
Unlocked: Increased adoption of remote work has enabled high earners to move to lower tax states like never before. At some point high tax cities and states are going to have to acknowledge that the conditions that allowed them to increase rates – namely the requirement of proximity for certain high-earning professions – no longer exists. As a result, we have entered into an environment where competition for residents is a zero sum game between high and low tax states. CFA Institute
Fighting Back: California towns are rebelling against the state’s unscientific outdoor dining ban. The New York Times See Also: A California judge ruled that LA officials acted arbitrarily in setting their outdoor dining ban. Now the same attorneys that brought the suit have the state mandate in their sites. Politico And: Delivery apps like DoorDash are helping to gut the restaurant industry by charging heavy fees to already low-margin businesses. In other words, the California mandate benefits big Silicon Valley donors at the expense of small businesses. New York Times In Conclusion: The National Restaurant Association is publicly pleading with Congress to pass new stimulus to help the industry that has been damaged by the pandemic. The group said Monday 110,000 restaurants have already permanently shuttered in 2020 (17% of the total in the US), with 10,000 of them closed in the past three months. CNN
Pedal Down: Investors have adopted a risk-on approach to their real estate allocations during the pandemic, according to a survey of 212 global institutions. PERE
All In: Investors have crowded into a reflation trade that now seems priced for perfection. Bloomberg
Gusher: How nine traders made executed the trade of a lifetime when oil tumbled to negative values earlier this year. Bloomberg
Bursting at the Seams: A deluge of imports has filled terminals at the ports of LA and Long Beach to capacity. JOC.com
Chart of the Day
Reminder: when it comes to interest rates, nobody knows nothing.
Source: Jonathan Litt
WTF
Busted: An attorney has been fired by her firm after allegedly receiving oral sex during an Zoom meeting for an HOA that she was representing because Florida. Above the Law
Covidiot of the Day: A man coughed, sneezed and spit throughout a Best Buy after refusing mask when requested because Florida. Orlando Sun Sentinel
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com