Para Wolf

[Anthony Pompliano 🌪 @APompliano]

Over 100 million Americans can't read above a 6th grade level.

Just insane.

[Para Wolf @Wolfsnake7]

@BillAckman Fight it out. No question. The system is broken being taken advantage of by all these morons. You’re in a position to start the charge for change. Yallah. Hope the IPO goes well and your family health issues resolve as quickly as possibly.

[Para Wolf @Wolfsnake7]

@cremieuxrecueil Look at what’s happening in NYC.

[Elon Musk @elonmusk]

The uniparty in action

[Cassandra Unchained @michaeljburry]

Open Letter on Housing, Fannie & Freddie
@realDonaldTrump @pulte @SecScottBessent @FHFA @USTreasury $fnma $FMCC

We studied housing square footage per capita adequacy, and found that there is no problem there. The US in fact has more residential square footage per capita than any other country in the world. This is not a housing shortage, despite what so many say.

The problem is that bigger houses are inefficiently housing fewer people. The post-COVID low rate environment locked people into a lifecycle real estate position. Empty nesters can't sell, first time home buyers cannot buy. Second-hand home inventory is near all-time lows due to record low supply, not record demand. Prices are high due to the same reason.

Home equity is now a record $35 trillion, nearly doubling pre-COVID levels. 40% of homeowners own their homes free and clear - a record. And about 30% of all home buyers pay for homes without borrowing. Older homes were upgraded at a record pace during COVID, extending and refreshing the usefulness of residential real estate.

Artificially low interest rates, ~$6-7 trillion in helicopter cash and forgivable loans helped drive both the home updates and high housing prices.

Work from home moved the office into the home, often expensed or deductible. People with white collar jobs and means chose to live/work in exotic or remote locations.

All of this together does not speak of a housing shortage, or a housing problem.

Instead it is a problem of current residential space allocation and mobility, and this problem was created by government manipulation of interest rates, cash money supply, and COVID lockups that went on too long and changed work/home behavior.

Government created the problem and now maintains policies that prevent free markets from reaching a solution, not the least of which is keeping the GSEs inefficiently run while in conservatorship. Recall Pulte's video upon arriving at Fannie Mae - no one was in the office buildings. The companies have become atherosclerotic, inefficient government programs, while a decade of financial engineering optimized for homeowner wealth accumulation rather than housing market velocity/mobility/fluidity.

Government must fix this problem by facilitating efficient re-allocation of housing stock with higher housing velocity/mobility through the release of the GSEs into free markets.

This is a problem made for the GSEs. Through well-targeted programs, the GSE can help the free market find spaces to intelligently reallocate , and help US citizens with housing mobility.

Building more new overpriced, poorly built homes in increasingly dangerous flood zones and other hazardous fringe areas is not the solution. It adds to the problem through high maintenance burdens on new homeowners with little equity in their homes.

Rather, to build mobility/velocity of homeowners and housing space, the GSEs need to be recapitalized and retain easy access to capital markets. They also need to be run by real mortgage executives, not government functionaries.

To achieve this they need to exit conservatorship in a manner that excites markets to fund these companies, now with guidelines to prevent risk-taking outside of their purpose, and grow their purchases of mortgages of well-targeted specification.

I should have written this into the Recurrence piece itself.

[Para Wolf @Wolfsnake7]

Divorce isn’t about two people splitting up. It’s government-sponsored wealth destruction. And taxes.

#Divorce #WealthDestruction #GenerationalWealth #FinancialLiteracy #CompoundInterest
@Breedlove22 @naval @morganhousel @visualizevalue @SahilBloom @APompliano

[Crémieux @cremieuxrecueil]

Capitalism creates prosperity

[Robert ₿reedlove @Breedlove22]

In 2020, the US printed $6 trillion.

The average American salary is $60,000 (that’s 100 million years of human labor stolen in a single year through currency debasement).

If each person works roughly 50 productive years across their lifetime, that single instance of money printing (aka currency counterfeiting) equals 2 million human lifetimes’ worth of labor energy.

You should figure it out, before it’s too late:

[Para Wolf @Wolfsnake7]

This, along with all the stuff I’ve uncovered. The system is already too strained to not break. If honesty was present, we’d all be doomed. Instead, the lie continues and the reckoning will be worse.

[Nick Nemeth (Mispriced Assets) @NickNemo17]

https://t.co/5GHmqqzplN

[Jeffrey Gundlach @TruthGundlach]

Larry Fink:

“If I allowed more people to redeem, I’m not a fiduciary to those who are staying in”.

It’s an admission that the reported NAV is bogus.

[Para Wolf @Wolfsnake7]

NYC rent-stabilized crisis accelerating: RGB data shows 10% of pre-1974 RS buildings losing money, doubled since 2019. Bronx hardest hit—NOI from $274K to $29K in 4 years as insurance doubles. Policy ignoring reality?

#NYCHousingCrisis #RentStabilization #HSTPA

@NYCCouncil @ZohranMamdani @michaeljburry @RaoulGMI

[Para Wolf @Wolfsnake7]

I’ve been studying NYC’s rent-stabilized housing market since 2014. What I’ve seen in the last 18 months is different. Not slower decline. Acceleration. I’m going to lay out exactly what’s happening — building by building, borough by borough. Follow along.

#NYCHousing #RentStabilization #Thread

[Para Wolf @Wolfsnake7]

A policy that was supposed to create affordable housing has instead created:
— Vacant apartments
— Deteriorating buildings
— Displaced poor tenants
— Protected wealthy long-term tenants
Other than that, it’s working great.

CC : @michaeljburry

#NYC #RentStabilization
#HousingCrisis

[Para Wolf @Wolfsnake7]

NYC just froze rents again. Landlords with buildings running at a loss absorbed it. Buildings with deferred maintenance deferred more. Tenants felt safe for one news cycle. The roof still leaks. See you next year for the same vote.

cc @NYCCouncil @ZohranMamdani

#RentFreeze #NYC #RentStabilization

[Para Wolf @Wolfsnake7]

Institutional capital has been quietly exiting NYC rent-stabilized multifamily for years. Not loudly. Not with press releases. Just… pricing it uninvestable and moving on. When the smart money leaves a sector, it doesn’t come back fast. Ask Detroit.

cc @StreetEasy @REBNY @RaoulGMI

#NYCRealEstate #HousingCrisis

[Para Wolf @Wolfsnake7]

Who actually lives in NYC rent-stabilized apartments? Doctors. Lawyers. People who moved in 30 years ago and never left. Meanwhile, the people who need affordable housing most can’t get on a waitlist that doesn’t exist. The system protects tenants — just not the ones you picture.

#AffordableHousing #NYC #HousingCrisis

[Para Wolf @Wolfsnake7]

Every NYC politician runs on “protecting rent stabilization.” None of them can explain why the housing stock it covers is deteriorating faster than free-market housing. Virtue signaling and crumbling ceilings can coexist. They do, daily, in the Bronx.

cc @NYCCouncil @ZohranMamdani

#NYCPolitics #RentStabilization

[Para Wolf @Wolfsnake7]

Landlords are not abandoning rent-stabilized buildings because they’re greedy. They’re abandoning them because the buildings are net negative cash flow with no exit. When ownership becomes punishment, neglect becomes rational. That’s not a moral failure. That’s a policy failure.

cc @EdGlaeser @REBNY @BillAckman

#HousingPolicy #NYC

[Para Wolf @Wolfsnake7]

In 2024, operating costs for a NYC multifamily building averaged $35–45/sf. Stabilized rents in many buildings haven’t kept pace in 20 years. You don’t need to be a finance guy to see where that math ends. You just need to look at the buildings.

#NYCHousing #RealEstate #HousingCrisis