May 29, 2020

Buying Hotels for Homeless – High Cost of Socialism

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B.C. government buys Victoria hotel to house the homeless

The Comfort Inn will be used short-term to house homeless camped on Pandora Avenue and in Topaz ParkPeople sleeping on the street or in a city park in Victoria, B.C., could soon have four walls and a bed indoors after the provincial government bought an area hotel to house them during the COVID-19 pandemic.The province has purchased the Comfort Inn Hotel, located at 3020 Blanshard St., to provide more affordable homes for people in the capital city.According to the government, the hotel will immediately be used to provide safe shelter for people living in homeless camps on Pandora Avenue and in Topaz Park, and the province will engage with the local community to determine how the hotel will be configured for affordable housing after that.

https://www.cbc.ca/news/canada/british-columbia/province-hotel-housing-purchase-1.55714385

Reasons California’s Housing Costs Are So High

Why are California housing costs so high? At its most basic level, it’s a story of supply and demand — lots of people want to live here, and there aren’t enough homes to go around.But there are lots of uniquely California factors — from the shape of our coastline to Proposition 13 — that have attached a painfully expensive price tag to the California dream.The median price of a home is now well over half a million dollars. That number is about $240,000 nationally. More than 20 percent of Californians pay more than half their income for housing.Here are five reasons the state’s housing market got so out of whack.1. We Haven’t Built Enough HousingExperts who study California’s housing crisis argue about lots of things. Is rent control good or bad? Will that new shiny high-rise going up in your neighborhood help or hurt housing costs? How much should we blame “not in my backyard” NIMBYs for our problems?

https://www.kqed.org/news/11666284/5-reasons-californias-housing-costs-are-so-high

‘The California price’: Why it costs so much to build a home in the Golden State

The sound of electric saws slicing through plywood pierces the air in the Twelve Bridges neighborhood in Lincoln, a suburb outside Sacramento where new single-family homes are rising. Despite the progress, Mike Wyatt, like many housing developers in this state, is frustrated. Building these two-story tract homes will take a few months, but getting to that point, he says, is an exercise in extreme persistence. “It just takes too long in California to get projects approved,” Wyatt, regional president for K. Hovnanian Homes, adds. Before any nails are hammered or concrete poured, developers must navigate a painstakingly slow and complex approval process. In California, this can take years, or even decades, and cost millions of dollars in fees, far more than in other states.

https://www.politifact.com/article/2019/nov/19/california-price-why-it-costs-so-much-build-home-g/

3 Bitter Truths About Coronavirus Job Losses And The Economy

The Three Bitter TruthsDespite the rosy scenarios, research and data clearly indicate that (1) a huge portion of the job losses are indeed permanent; (2) the coronavirus recession—arguably a depression—will last much longer than many are prepared to admit; and (3) the unemployment numbers are actually higher than currently reported.

https://www.forbes.com/sites/terinaallen/2020/05/10/3-bitter-truths-about-the-coronavirus-job-losses-and-the-economy/#3f0ed31967f9

Hertz files for bankruptcy protection after more than 100 years in car rental business

Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business.The Estero, Florida-based company’s lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing in U.S. Bankruptcy Court in Delaware. Hertz and its subsidiaries will continue to operate, according to a release from the company.

https://www.nbcnews.com/business/business-news/hertz-files-bankruptcy-protection-after-more-100-years-car-rental-n1213591

Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaround

J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy.Sales at J.C. Penney have fallen annually since 2016. Its roughly 860-store footprint is less than a quarter of its store base in 2001. The company’s nearly $11 billion in sales for the last fiscal year are almost a third of its sales that same year

https://www.cnbc.com/2020/05/15/jc-penney-bankruptcy-filing.html

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