patrick.net

btw, how do you use italics? I am new to this…

<i>text</i>

I echo SQT's sentiments. It's like watching a carwreck or a trainwreck in slow motion. I already know how it's gonna end but I just can't keep my eyes away. Casey's self absorption and denial should be written up as a psychology case study of "too much greed/too little brain" syndrome.

I sense that a lot of people aren't even trying to help anymore, they're just egging Casey on because Casey doesn't listen to constructive criticism and lacks a sarcasm detector.

Joe Schmoe,

I think the strategy you described (but has absolutely no legal liability over) would be huge in places like AZ, FL, NV and UT with their acres of speculative property owned by out of staters. (hey, if any of you clowns want to do that, do your own research and figure out your local laws. I'm speculating intellectually and assume no responsibility if you run with the idea).

No wonder the illegal immigrants are staying! They're waiting for amnesty and hoping for a free 4,500 sqft McMansion.

Btw, who is J Galt?

Sounds like a line from a bad Ayn Rand text.

FAB: How does rent control affect sales; i.e., could the owners of Marina properties form a group, pair up properties by equivalent value, and sell them to each other to break the rent restrictions?

tenant's rights are different from squatter's rights - squatters are trespassers per se, but if they stay put for a statutorily determined time period without being eviction by the rightful owner, they can assume the rightful owner's rights under adverse possession

Tenant rights and squatter rights are actually mutually exclusive. If you are a tenant and live in a place with the rightful owner's permission, you cannot gain the property via adverse possession.

J. Galt, isn't he Hank Reardon's buddy? I believe Mr. Galt trolls around with that skank Dagny Taggert.

requiem Says:

> FAB: How does rent control affect sales; i.e.,
> could the owners of Marina properties form
> a group, pair up properties by equivalent
> value, and sell them to each other to break
> the rent restrictions?

When you buy a building in SF you take over the current leases and can only increase them by 1/2 of CPI (that as many have pointed out is much less than actual inflation).

Tips for squatters at:

http://en.wikipedia.org/wiki/Adverse_possession

Joy. (Just went and read some material on SF rent control.)

From sfgov.org:
"This amount is based on 60% of the increase in the Consumer Price Index for All Urban Consumers in the Bay Area."

Argg! What sort of idiot ties increases to a percentage of inflation?!

btw does anyone have a 1500 kw generator handy? I would have more time to post if mine did not keep going down…

Did you say 1.5 Mega Watt (1500kW)? What are you doing down there?

J Galt Says:

> btw does anyone have a 1500 kw generator handy?

Are you having problems with your Galt Motor that runs on static electricity?

I am renting a mcmansion and I need it to power my air conditioning…

I think 25kW should be fine. How big is your AirCon? At most 10kW?

1500 kW is a small power plant.

Check out the Google Ads. It says

"House prices to rise 50%"
"National Housing Federation Video interview with Gavin Smart"

And "Invest in Mortgages in CA ... 12% interest"

We are using the Generator to power 8 Big grain dryers, (13,000,000 btu each). We did have a power substation, but it decided to melt on us.

Then you need a real backup station. And it is going to cost something.

Rent control is the manifestation of pure evil.

Almonds... Yum!

How about some Fillet of Sole Amandine? :)

I’ll see if I can get a walk in at Hayes Street Grill tonight.

Have you tried Citizen Cake?

No regulation can keep the rich from exploiting the poor. This is just the order of things. Any attempt will be unproductive, or worse. Rent control is a prime example.

Pistachios ice-cream! :)

Now THAT was a MONSTER!

4 MW? :-O

Was it a turbine?

One of our customers is a chain from New England called Friendlys.

Really? I had the best pistachio ice cream in Boston. :)

The idea is to stop human beings from exploiting other human beings.

I doubt it is possible. I would love that to happen though. Perhaps Astrid's Dyson Sphere will work. ;)

Randy H,

Point of fact, US treasury bonds and notes ARE callable. I believe it was in 2003, they called the 30 years issued in 1979. I believe these bonds had a coupon of 15%.

I'll spend some time on www.treas.gov to get the detail.

Paul

Too many cockroaches

Worst creatures in the world. Much worse than fire-breathing dragons.

Are we in any danger of lending restrictions being so tight that we might not be able to purchase new homes after the price drop?

Yes. But builder may be able to provide something (like "seller" financing or interest rate buy-down). Another reason why builders will be in a much better situation than regular homesellers.

It’s not too bad. The opera and the symphony keep the area fairly busy on performance nights. I’m off to there now- tonight it’s Wagner (must be well fed!).

Tristan and Isolde, no less - better bring your MRE's.

It's not the link I'm looking for but this is an interesting history article -
http://www.treas.gov/press/releases/js2001.htm

Are we in any danger of lending restrictions being so tight that we might not be able to purchase new homes after the price drop? What if too many lenders get culled and the rest of the industry gets gun shy?

Mr. Galt, perhaps as a newcomer your aren't privy to the following facts:

1) Land is no longer being manufactured
2) The Bay Area is just so gosh darned special that prices can never drop.
3) The rise in real estate costs are the by-product of a very robust diverse economy
4) Rich immigrants will save real estate.
5) Boomer will save real estate as they are so fat stacked that second and third homes are a no brainer.

We'll let you slide this time, but be forewarned of spreading vicious rumors of a real estate decline. Remember houses might drop in cost but not value.

-------------------------
Sarcasm off

J Galt,

Yes, that is refrencing the call. It was not however, reneging. When I read this article originally I went to the treasury web site and read the posting for the call. The reality, dispite misperception, is that treasuries ARE callable. It was not reneging!

Paul

Are we in any danger of lending restrictions being so tight that we might not be able to purchase new homes after the price drop?

Only if you're a former FB.

What if too many lenders get culled and the rest of the industry gets gun shy?

Then the house prices will have to drop some more!

This one is good - look at the top right corner of the page:

http://www.publicdebt.treas.gov/

You need to take the emotion out of it. If a bond has a callable feature, which these have, then you get exactly the deal you bargain for. Just like someone taking an ARM and saying they didn't know the rate would go up.

Well, nothing in life is really guaranteed, but you know what I mean…

You are guaranteed your eventual death and to be charged tax while you are still alive.

HARM,

I was driving tonight and I KNOW the bumper sticker for me.

"I may rent my house but I OWN this car"

Astrid,

I could display that sticker with honesty. Any idea where I could get one?

Paul

Ok - let me get this straight!

The housing bubble was caused by the fall of the Berlin Wall
http://www.msnbc.msn.com/id/15198805/

And the bust was caused by Iraq and Katrina
http://tinyurl.com/zesjc

My God, what's next, they will say it was caused by the answer on a Magic 8 ball!

So what does the North Korea Nuke do?

I'm just so relived that housing prices have nothing to do with interest rates, taxes and people's earnings!

Paul,

I thought that up myself :-) Now I think "house" should be changed to "home" to “I may rent my home but I OWN this car”

Hopefully HARM and Patrick K will also like this idea

I think this sticker works because it's a little confrontational but not too confrontational. We're identifying ourselves rather than calling other people names. Furthermore, it mocks the "homeowners" who have zero equity in their house and drive leased vehicles.