Fogell

[Spencer Pratt @spencerpratt]

They're not freezing your rent, they're freezing your housing providers' income, while their expenses keep increasing.

The point isn't to make your housing affordable, it's to make providing housing financially inviable, so government(s) can seize the unmanageable properties.

Our lack of financial literacy is going to destroy us.
https://t.co/Eix9fVp1BK

[Mike 🇺🇲 @VegasMike27]

Boomers bought $70k houses while making $40k a year. They are trying to convince Gen Z that 700k starter homes at 60k income is the same thing.

[Bill Ackman @BillAckman]

Imagine your family worked for a generation to save enough money to buy a brownstone occupied with rent stabilized tenants on the Upper West Side. The family financed the purchase with a mortgage from a bank based on the premise that rents and cash flow would at least keep pace with inflation so you could pay interest and principal on the mortgage and hopefully have some cash flow left as a return on your investment.

While you had rent stabilized tenants, you were led to believe that the NYC Rent Guidelines Board would be required to adjudicate rental increases each year by taking a measure of the inflation of costs to own and operate a building and setting rental increases appropriately.

You believed the RGB would do its job as the board is comprised of two representatives each for landlords and tenants and five independent representatives that represent the general public.

Now, a new mayor @NYCMayor Mamdani is elected on the promise of freezing rents. There are about two million rent stabilized renters that benefit if rents are frozen so by promising frozen rents the new candidate for mayor buys votes and wins the election.

The new mayor achieves his objective by stacking the RGB with directors who do not follow their obligations and simply vote for a rent freeze as a preordained conclusion as evidenced by the statements of an RGB director who resigned in protest for this very reason.

Meanwhile, inflation in NYC is rampant in utilities, real estate taxes, insurance, repairs and maintenance, etc. and now your rents are frozen. Real estate is a high operating leverage business which means that frozen rents and inflating expenses will cause property cash flows to plummet and your after debt service cash flow to go negative.

I expect therefore there will be hundreds if not thousands of small NYC property owners who are now or will shortly be underwater on their mortgages, and without any cash flow to maintain their assets.

If you remember the images of the South Bronx burning in the mid 1970s, you can viscerally understand what is happening to small NYC real estate owners.

While the rent freeze appears to be short-term good news (long term it will lead to poorly maintained apartments) for 2 million NYC renters, it is bad news for the 2 million or more renters in the 1 million market rate apartments in the City because a landlord-hostile market is not likely to add meaningfully more supply and market rents will likely continue to escalate at a high rate.

All of this seems quite unfair and wrong unless I missing something?

Why am I wrong?

For disclosure: I do not own any NYC rental apartments.

[Chris Nelson 🏝️🇺🇸 @ReOpenChris]

🚨Governor DeSantis PRAISES the Scottish for being good guests in South Florida!

“We had all these Scottish people come, and they're wearing the kilts, and they're out in the streets. I mean, just drinking these bars dry, like all this stuff. Having a really, really good time, but yet, no problems. There's no rioting, no anything like that. I t was very cheerful, it was good!”

[Ron DeSantis @RonDeSantis]

We had thousands of Scots descend on Miami, take to the streets, and engage in revelry.

And yet this was cheerful, energetic, and orderly.

What great guests!

Maybe we’ll send some Floridians to St. Andrews to return the favor.

[Libs of TikTok @libsoftiktok]

“OMG how could Trump build a UFC arena at the White House?!”

Same people

[Geiger Capital @Geiger_Capital]

New York won the NBA Finals
UFC at the White House tonight
USA making a World Cup run
Trump ending the war in Iran
Elon is the first ever Trillionaire
S&P500 at 8,500 by year-end

America’s 250th summer. 🇺🇸

[End Wokeness @EndWokeness]

"Trump's UFC arena is defiling the WH"

Those same people in 2020:

[Carlos That Notices Things @QuetzalPhoenix]

The richest guy on Earth SHOULD be the guy making cutting edge cars and rockets instead of dudes who sell purses and perfumes or dudes who run investment firms or dudes who made Facebook.

[Gerry Callahan @GerryCallahan]

Things that triggered the left this week:

- a clean reflecting pool
- a name on a building
- a murderer getting convicted of murder
- a sporting event at the White House
- a successful IPO
- welders and janitors becoming millionaires

[HowlingMutant @Howlingmutant0]

You guys were burning flags and pulling down statues of Lincoln a couple years ago now you want to wax patriotic?

[TheBronxViking @TheBronxViking]

Seeing all these old clips of Elon pop up reminding me of how many morale crushing moments he had to endure on the way up and just simply refused to fold

Dude deserves every fucking penny

[Bill Ackman @BillAckman]

.@BernieSanders , it is a time to celebrate. @elonmusk has created enormous value for society by building @SpaceX, driving down the cost of rocket launches and creating a global satellite communication network that has brought high speed, low-cost internet and communication access to hundreds of millions and eventually billions of people along with critical advantages for our military and our nation’s defense.

SpaceX and its technologies will cause an acceleration in the growth of wages and wealth creation globally, including in some of the poorest communities in the U.S. and around the world.

Access to low-cost, high speed communications everywhere will allow children around the world to be educated, families to build businesses, and life-saving medical knowledge and care to be available everywhere.

SpaceX will materially bring down the cost of compute, advancing AI and humanity.

Meanwhile, 4,000 SpaceX employees yesterday became millionaires, including hourly wage employees who you claim you are trying to help.

The Elon Musks of the world drive growth, global GDP, and provide access to goods and services at lower cost that would otherwise not exist.

Elon’s nominal trillionaire status is due to his ownership of SpaceX, Tesla, Neuralink, the Boring Company and his other initiatives that have brought new technologies that improve our everyday lives.

Elon is not sitting on a trillion dollar pile of cash, jewelry and gold. He is using his controlling stakes in his companies to advance mankind. Elon’s companies don’t pay dividends. They reinvest all of their capital to accelerate innovation and value creation.

Elon is working 24/7 for all of us. He deserves respect and appreciation, not smears.

Bernie, your socialism would never allow a SpaceX to be built. Socialism has only proven to impoverish mankind and lead to death and destruction.

We need to create the conditions for more SpaceXs to be built, not attack the great entrepreneurs who are helping to advance our country.

[Dux @DuxVul]

Elon Musk is a Trillionaire

Peter Thiel made $50bn from the IPO

Africans are being rounded up and booted out of Belfast

Keir Starmer’s ministers are quitting

What a fucking week to be a leftist, cope harder you fucking cunts

[litquidity @litcapital]

You don’t hate the media enough

[Fogell @captaindicksonn]

@tkisrage ALT WVG

[Fogell @captaindicksonn]

@MurrayHillGuy1 @miamimanmemedia Sunny's Steakhouse if you can get in

[bumbadum @bumbadum14]

It's kind of insane to think that for the past 20 years every monument, fountain, and park in DC was left completely and totally neglected to rot.

[Sir Escanor (𝘏𝘰𝘱𝘪𝘶𝘮 𝘚𝘭𝘢𝘺𝘦𝘳) @EscanorReloaded]

CEOs are quietly realizing the AI replacement plan has a problem.
Two problems, actually.

One: the token costs for running AI agents are now exceeding what they were paying the employees they fired.

Two: when the tokens run out, the AI stops. Just stops. No continuity. No workaround. Just a spinning wheel where your workforce used to be.

You fired humans to save money and bought a subscription that bills you into a corner.

The employees you let go knew what to do when things broke.
The AI just invoices you for the outage.

And then there’s the permission problem nobody wants to talk about.

To do its job, the AI agent needs access. Full access. Your systems, your patents, your contracts, your future plans. Everything you spent years building, handed over to a process that has no loyalty, no discretion, and no skin in the game.

You didn’t hire a replacement.
You gave a stranger with no soul the keys to everything you own.

Enjoy.

[Dom Lucre | Breaker of Narratives @dom_lucre]

🔥🚨LATEST: New York Giants QB Jaxson Dart gave a brutal response when he was asked if he was worried about losing fans for supporting Donald Trump:

Dart: “I don’t think many blue hairs watch the NFL if we’re being honest.”