Modica Financial

Expert financial coach and investor helping regular people gain control of their money and find financial peace.

[Breanna Morello @BreannaMorello]

Things are going as planned.

Communists are shutting power off in the low income areas.

[Paula Pant @AffordAnything]

There's no freeze on property tax.

There's no freeze on the wages paid to landscapers, plumbers, electricians, drywallers, flooring installers.

There's no freeze on the cost of lumber, copper, baseboard, quarter rounds, flashing, siding, window treatments.

There's no freeze on the wages paid to janitors or porters.

There's no freeze on utilities -- on electric, gas, water, sewer (building-paid utilities in hallways, lobbies, maintenance corridors; most buildings pay water and sewer for tenants).

There are currently 57,421 units sitting vacant in NYC because it's more cost-effective to leave them empty than it is to rent them out.

If you're wondering: "How that could be possible? Wouldn't making anything be better than making nothing?" -- the answer is no, because of the 2019 Housing Stability and Tenant Protection Act.

The HSTPA mandated a certain level of renovation for a vacant unit, but did not allow landlords to raise the rent enough to be able to recoup those costs.

If a long-term tenant moves out after decades, the apartment often requires $50,000 to $100,000 in lead abatement, new wiring, plumbing, and structural renovations.

Because the law heavily restricts how much of that cost can be passed to the next tenant.

The HSPTA eliminated the "vacancy bonus" (which allowed automatic 20% rent increases when a tenant left) and heavily capped Individual Apartment Improvements (IAIs).

This means landlords who want a renovation loan would be rejected by a bank, because the landlord would not be able to show that they could repay that loan.

Landlords who pay out-of-pocket would end up losing money, underperforming even what they could get by putting their money in a U.S. Treasury or gov't bond.

Therefore, it's more cost-effective to just leave the unit vacant.

That's why we have 57,421 vacant units across New York right now.

That number is about to get much worse.

[Modica Financial @ModicaMoney]

@TimRunsHisMouth Bingo

[Modica Financial @ModicaMoney]

@echodatruth No he did not

[Modica Financial @ModicaMoney]

@teamer_green @GrantCardone Sure does

[Modica Financial @ModicaMoney]

@bleednucksblue @MLBNetwork Isnt it weird how the guys on the baseball channel dont know a lot about....baseball?

[Modica Financial @ModicaMoney]

@Riley_Gaines_ or free anything

[Modica Financial @ModicaMoney]

@Vivek4real_ Not news. How our banking system works

[Modica Financial @ModicaMoney]

@deanbphillips Way to go inciting violence Dean

[Modica Financial @ModicaMoney]

@thecrimson @EliseSpenner @HugoChiassonn So Harvard had no common sense. Harvard.

[Chamath Palihapitiya @chamath]

If a public company went through an audit like this, the report would show a failing grade along with what is called “material weaknesses”. It would be a five alarm fire.

The result would be a period to cure these weaknesses. Otherwise, the CEO/CFO would be fired, the company would not be allowed to raise money etc.

If you’re a government and you run things this shoddily, it should be illegal to keep raises taxes to increase revenues without first passing an audit that shows you have a good handle on the taxes you already collect from residents.

[Peter Schiff @PeterSchiff]

Socialist Bernie Sanders is upset that rich people might get richer by developing AI. Apparently, the real tragedy isn’t poverty or scarcity, but the possibility that someone might profit while making everyone else’s life easier.

If AI raises profits by raising productivity, producing more and better goods at lower prices, then consumers are the real winners. But Sanders isn’t worried about consumers. He’s worried about jobs, as if jobs are some moral good in and of themselves.

Jobs are not the goal. They’re the cost. We don’t work because work is fun. We work because we want the goods and services that work produces. If technology lets us get those things without the work, that’s not exploitation, it’s progress.

Every worker is also a consumer. And consumers benefit when prices fall. When goods and services cost less, people don’t have to work as hard to afford them. If prices fall far enough, people barely have to work at all. That’s not a dystopia, that’s the logical endpoint of productivity.

As long as goods and services are scarce, some work will always need to be done. When technology eliminates one job, it frees up labor to do something else. The less labor required to meet our needs, the more leisure society enjoys and the higher our collective standard of living. That’s how civilization advances.

But if Sanders is right, if anything that eliminates jobs is bad, then we should be consistent. Let’s not just smash all the robots and ban AI, but destroy every labor-saving device ever invented since the Stone Age. That way every one of us can go back to foraging, hauling water, building straw huts by hand, and stitching clothes from the hides of animals we kill ourselves with hand-carved spears.

Everyone will have a job working from sunrise to sunset, every day. No one will be unemployed. No one will retire. If you don’t work, you die.

But at least Bernie Sanders will be happy, as no one will be getting rich off us.

[Modica Financial @ModicaMoney]

@LauraPowellEsq Wouldnt discrimination lawsuits solve this?

[Modica Financial @ModicaMoney]

@realEstateTrent Financial confusion

[Modica Financial @ModicaMoney]

@HotStoveintel They CAN pay pete. They didnt WANT to

[Modica Financial @ModicaMoney]

@JewsFightBack Lawsuits the only way to fix it. Garbage "uni ersity"

[Modica Financial @ModicaMoney]

@RobSilver 🤣

[Modica Financial @ModicaMoney]

@Metsmerized Chavez proving himself to be very unprofessional

[Mitchell Baldridge @baldridgecpa]

The SAT should have a section where students calculate interest pay down scenarios on 7.5% interest 200k loans in forbearance

[Modica Financial @ModicaMoney]

@MetsMuse @MLBNetwork They dont know the mets have the #1 farm system with lots of elite pitching???