What I’m Reading
Bounce Back: Apartment demand rebounded strongly in the third quarter outside of high-priced gateway markets. The rebound helped to stabilize the multifamily market and prevented asking rents from declining as much as would have been expected considering the historic decline in economic performance in the second quarter. Yardi Matrix
Getting Desperate: Some colleges (including a few premier names) are slashing tuition in an effort to stop enrollment from plunging and entice students to come back. CNBC
Own Goal: The pandemic has left city and state governments strapped for cash. Many of those same governments are responding, or preparing to respond by raising taxes on their wealthiest residents. The trouble with that approach is that wealthy residents typically have options and are moving to less expensive regions, making the problem even worse. The Atlantic
Wrong Direction: Economic indicators are clearly showing a deceleration in economic activity. Econbrowser
Surging: Treasury yields have been rising of late as the market sells off, perhaps in anticipation of higher inflation based upon the projected outcome of the election. Financial Times
Pay Up: WeWork is beginning to take a hard line against members who are behind on rent, many of whom have not returned to the office. The irony is that WeWork has been re-negotiating its own leases with its landlords while demanding full rent from its members. Business Insider
Chart of the Day
Can’t Miss Investment Idea of the Day: A hedge fund that buys 3x leveraged ETFs and only invests when the McRib is available. Who wants in?
WTF – Sausage Edition
Fitting End: An oligarch known as ‘Sausage King’ was killed with a cross bow while in a sauna because Russia. BBC News
Chop Chop: -Two Oklahoma men are behind bars after allegedly performing “unlicensed gender reassignment surgery” on a male victim who told cops he met one of the defendants during online research about castration. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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