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Speaker 1: Come on, Mike, years ago. I appreciate your paint. They're

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Speaker 1: hearing out and dying working positivity, But this stake's way

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Speaker 1: too far gone. It's going to be a democratic stronghold,

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Speaker 1: just like New York City warranty. So people keep preaching

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Speaker 1: four times, but your eye falling on death bears, have

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Speaker 1: a good day. Thanks. That talkback left during the situation,

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Speaker 1: reloaded on our sister station six point thirty K.

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Speaker 2: And what I find interesting falling on death fears? Yet

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Speaker 2: you were listening and states turn red, they turned blue,

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Speaker 2: they turn red again, they turned blue again.

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Speaker 1: Did you hear Gene? I didn't.

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Speaker 2: I didn't watch the Oscars, obviously, but I can't believe

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Speaker 2: the guy can play baseball, he can play basketball, and

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Speaker 2: he won an oscar Michael Jordan.

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Speaker 1: Wow? Yeah, and he can act? Who knew? I didn't know.

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Speaker 1: What was the movie? I want to go see the movie?

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Speaker 2: Now? What what movie was Michael Jordan in? It was

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Speaker 2: his mama in it too. That's what I want to know.

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Speaker 2: Is space camp, Space jam, space jam?

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Speaker 1: Wow?

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Speaker 2: So who is that Michael Jordan?

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Speaker 1: Do you know?

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Speaker 2: Because I as soon it's not the baseball basketball basketball

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Speaker 2: player shoemaker shoe Sellar. Correct.

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Speaker 1: Yeah, yes, this is Michael B. Jordans uh oh so,

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Speaker 1: known for the role of Killmonger in the Marvel movies,

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Speaker 1: as well as, of course the Sinners movie that came out, Creed,

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Speaker 1: which is kind of the Rockies song Oh yeah, yeah, yeah.

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Speaker 2: Okay, Well, I guess that went past me. But I

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Speaker 2: bet I got a question for you you can't answer.

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Speaker 2: Oh boy, how much you know you go to a convention,

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Speaker 2: you know, you go to a meeting, like like, we

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Speaker 2: got stuff here. Occasionally we hand out called swag. Yeah,

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Speaker 2: I don't know that I've seen the iHeart well I

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Speaker 2: heeart swag. Let's see we got we got a wind breaker?

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Speaker 2: You got a wind breaker?

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Speaker 1: No?

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Speaker 2: I got a wind breaker. I don't. I don't work

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Speaker 2: out if I got a wind breaker. I think I might

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Speaker 2: have a hoodie. No, there are I'm thinking about stealing

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Speaker 2: one and taking it home, because down on the third

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Speaker 2: floor where they've got it set up, you know, like

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Speaker 2: for sales meetings and things, or a few couches and stuff,

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Speaker 2: there are some iHeart throw pillows. Oh, and I'm thinking,

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Speaker 2: you know, just sometime when Tammer's like gone somewhere, you know,

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Speaker 2: she's out to the grocery store. Maybe she's down in

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Speaker 2: Phoenix or something, and she comes home, just have a

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Speaker 2: couple of iHeart pillows, not in not in where we

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Speaker 2: not in like the living not the like then where

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Speaker 2: we live live all the time, but in like the

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Speaker 2: formal living room, some bright red hurt throw pillows. Especially,

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Speaker 2: She'd like, I'm sure that I'll go over swimmingly. Yeah,

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Speaker 2: and in no wise im miss nobody will miss them downstairs,

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Speaker 2: So I can you know, I can walk out, and

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Speaker 2: you know, the security cameras can watch me carrying out,

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Speaker 2: you know, the iHeart throw pillows and nobody. I can't believe.

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Speaker 2: Don't you have any swag at all? You don't have.

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Speaker 1: I used to work promotions, so I still have some,

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Speaker 1: you know, like A ninety five seven the party yeah

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Speaker 1: jackets and oh Mega ninety five seven two that was U.

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Speaker 2: Yeah. And you know what do you think your swag's worth?

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Speaker 1: Not much. They're for the stations that don't exist anymore,

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Speaker 1: don't even exist. Well, I saw.

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Speaker 2: The total value comes in as approximately three hundred and

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Speaker 2: forty six thousand, six hundred and twenty one dollars, according

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Speaker 2: to the Wall Street Journal for Swag for Swag Wow,

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Speaker 2: flag for the Swede. You get Now not everybody gets it.

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Speaker 2: I thought everybody that attended the oscars got this.

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Speaker 1: All their bags. Oh yeah those are yeah.

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Speaker 2: No, these are for the nominees in all the category

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Speaker 2: right yeah yeahah yeah.

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Speaker 1: So now everybody's just kind of round. Now we'll get it.

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Speaker 2: We're gonna get to the non serious stuff like World

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Speaker 2: War three and the Iranians and number stations for all

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Speaker 2: of you shortwave and radio people out there. Wait, we

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Speaker 2: got all of that, but I gotta cover this because

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Speaker 2: this shows you just how.

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Speaker 1: You live in an entirely.

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Speaker 2: Different world than we do. And there when I talk

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Speaker 2: about the cabal and I talk about the ruling elite,

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Speaker 2: I talk about the you know, the the dominant media,

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Speaker 2: and then the tech giants. Hollywood needs to be a

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Speaker 2: part of that too. So there are some big ticket

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Speaker 2: items like luxury travel. Can Nemo, can Nemo? No not,

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Speaker 2: can Nemo do something that's the name can Nemo. It's

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Speaker 2: a supervilla experience in Ibiza. You can take up to

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Speaker 2: sixteen guests. It's valued at sixty five thousand dollars. Okay, Dragon,

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Speaker 2: could you can you name sixteen besides me? So you

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Speaker 2: only need fifteen. Can you name sixteen people you'd like

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Speaker 2: to take the I visa with you? Uh?

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Speaker 1: No, so just you and me and the missus excluding you?

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Speaker 1: But yeah, sure?

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Speaker 2: Oh okay, all right? How about this one? An all

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Speaker 2: inclusive Swiss getaway for up to ten guests that's valued

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Speaker 2: at fifty grand. I assume maybe going to Devo's or somewhere.

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Speaker 2: I don't know.

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Speaker 1: Would you go on that one? Would you take me

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Speaker 1: on that one? Nope?

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Speaker 2: I take Missus red I take mister I take Missus

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Speaker 2: Redbeard and Missus brown To on the Swiss one.

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Speaker 1: Ibs.

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Speaker 2: Okay, whatever, I'm gonna care about that. How about an

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Speaker 2: Essence of Dreams? This is where you want to take me?

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Speaker 2: The Essence of Dreams? Luxury villa stay in Costa Rica

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Speaker 2: for thirty thousand? How about that? Just you and me,

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Speaker 2: just you know, like like a boy's trip. Can we

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Speaker 2: leave you there? I'd stay in Costa Rica? Kind of

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Speaker 2: think I might stay in Costa Rica. This is what

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Speaker 2: you and I both need. A seven day wellness retreat

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Speaker 2: at the Famed Golden Door in Southern California. Now, when

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Speaker 2: I read the famed Southern or the Famed Golden Door

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Speaker 2: in southern California, I thought never heard of. It must

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Speaker 2: not be too famous. Value not disposed. According to NBC

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Speaker 2: Los Angeles.

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Speaker 1: It's either too famous or not famous.

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Speaker 2: Enough exactly exactly or a ten day This is You

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Speaker 2: and I both need this, particularly after you know, a

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Speaker 2: week of iHeart A ten day restorative reset at Centini,

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Speaker 2: a Michelin recognized resort in Sri Lanka. Value not disclosed.

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Speaker 1: I don't know.

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Speaker 2: But flying all the way to Sri Lanka for just

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Speaker 2: ten days, I don't know how restorative that can be

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Speaker 2: because now he doesn't say airfare included, it's just you

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Speaker 2: get ten days. You got to get there.

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Speaker 1: Well, these are given to the stars. They've already got

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Speaker 1: their own private jazz.

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Speaker 2: Well true, true, Then there are Now this is where

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Speaker 2: you and I definitely need to pay attention, because you

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Speaker 2: and I can both more so you than me, because

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Speaker 2: I'm pretty well you know I'm pretty handsome already, but

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Speaker 2: you know you you might want to consider these A

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Speaker 2: she bespoke custom residential interior design package worth up to

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Speaker 2: one hundred thousand dollars. Now see when I when I

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Speaker 2: steal the iheartfro pills, I don't need any new interior designing.

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Speaker 2: But you and missus Redbeard might one hundred grand to

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Speaker 2: redo the house.

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Speaker 1: She's got good style. Missus Redbeard's got good style. She

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Speaker 1: does like doing the holiday decoration. So now that Saint

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Speaker 1: Patrick's days over, Easter's coming up.

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Speaker 2: Oh wait a minute, Saint Patrick's stays over well, kind

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Speaker 2: of kind of only because Kegs and Eggs is already.

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Speaker 2: That's not you understand, that's not. Wait what Saint Patrick's Day?

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Speaker 2: It's not No, I know it comes with a shock.

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Speaker 2: Sat Patrick's Day might be like tomorrow. I don't think

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Speaker 2: it's today, but I may be wrong.

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Speaker 1: It's already happened everywhere. All right, Fine, now you don't.

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Speaker 2: Need this, but at one time you would have taken

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Speaker 2: it an art LiPo, not just any LiPo, but art LiPo,

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Speaker 2: Art LiPo, Bully body sculpting, lipel suction for twenty five grand.

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Speaker 1: I don't need the lightpo but I just need a

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Speaker 1: skin removal.

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Speaker 2: Ye have it in that painful bow.

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Speaker 1: No, I've heard.

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Speaker 2: I thought you told me one time that say you've

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Speaker 2: heard that that was a very painful operation.

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Speaker 1: Yeah, you're gonna spend about two weeks wishing you were dead.

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Speaker 2: Oh so I could have two weeks without you at

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Speaker 2: the same time that you're at home wishing you were dead. Yeah,

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Speaker 2: we're gonna start to go fund the cost. We're gonna

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Speaker 2: start to go fund me. Hell's bills, I'll just take

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Speaker 2: I'll just take one week of pay and pay you

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Speaker 2: get fat.

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Speaker 1: How about this one?

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Speaker 2: A facial rejuvenation procedure from New York plastic surgeon Dr

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Speaker 2: Constantine just to Koovich for twenty five thousand be Sure juvenation. Okay,

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Speaker 2: personalized porcelain restoration and smile makeover from Beverly Hills Dental

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Speaker 2: Arts for thirteen hundred dollars.

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Speaker 1: They seems kind of cheap to me.

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Speaker 2: Then I found well, it says porcelain restoration, So I

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Speaker 2: don't think it's you get porcelains. I think they just

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Speaker 2: if you have porcelains, they might shine them up for you.

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Speaker 1: Right, Okay? Yeah?

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Speaker 2: Or we can get facials and massages at the swath

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Speaker 2: Spaw then only comes into four hundred bucks.

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Speaker 1: What what sound like an hour?

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Speaker 2: Yeah? Or the danil chera scopt and lift facial experience

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Speaker 2: at the Rescue Spa plus at home skin care that

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Speaker 2: means somebody comes to your house and rubs body lotion

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Speaker 2: all over exactly. Or fashion and accessories Now here's where

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Speaker 2: I find it. Now, these are the Hollywood elites. Right

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Speaker 2: now we get to the fashion and accessories by Michael

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Speaker 2: Michael Hill. Diamond ring now just three of the prices

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Speaker 2: of everything else you've heard. What do you think this

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Speaker 2: diamond rings valued.

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Speaker 1: At oh tens of twenty thousand dollars twelve.

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Speaker 2: Ninety nine twelve hundred ninety nine dollars cheapos I know.

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Speaker 2: Or a Lagham Ivy handbag. Now I don't know. I

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Speaker 2: know what I spent for my granddaughter at Louis Vaton

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Speaker 2: in Manhattan. And I'm telling you, I don't know who

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Speaker 2: Lagham Ivy handbags are, who makes them? But three hundred

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Speaker 2: and forty.

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Speaker 1: Dollars that's nothing. That's nothing. I mean that what pop change, yeah, exactly.

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Speaker 2: Or a Venu movie Star Hote Collection limited edition fountain pen.

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Speaker 2: Now I've got a couple of mont blocks that I'm

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Speaker 2: just saying. Two hundred and forty five dollars for a

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Speaker 2: fountain pen. That doesn't feel like much. No, no, no,

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Speaker 2: not when you can throw the price of a mount block.

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Speaker 2: So it's like whatever an Owde Hobo bag ode to Hobos.

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Speaker 1: That's what unit with a knapsack on I yues.

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Speaker 2: So one hundred and thirty probably so in California, hundred

201
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Speaker 2: and thirty bucks. Daniel Wellington Classic Blue Mine ring for

202
00:11:13,240 --> 00:11:17,840
Speaker 2: ninety nine dollars. Sunglasses from Paradigm, Louis jo and Carl

203
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Speaker 2: Lgerfield somewhere between seventy two and two hundred twelve dollars.

204
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Speaker 2: Board rebel T shirts. Do you have a bored rebel?

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Speaker 2: You're the T shirt guy? You have a bored rebel

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Speaker 2: T shirt? No? Well, I can get you one for

207
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Speaker 2: ninety eight dollars.

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Speaker 1: I'll stick to the twenty buck t shirts. Have that

209
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Speaker 1: clothing from.

210
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Speaker 2: Sabas Sportscraft Forecast, Oxford, New Era and Mitchell and Neat

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Speaker 2: somewhere between twenty five and four ninety nine. Or a

212
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Speaker 2: sixteen carrot gold plated ring from Kaylee Violet Virginia twenty

213
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Speaker 2: nine ninety nine. Sixteen Carrett gold plated ring for twenty

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Speaker 2: nine ninety nine.

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Speaker 1: Where are they going? What are they going to?

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Speaker 2: To?

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Speaker 1: What's that place in the mall, Claire's or something? What

218
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Speaker 1: did they do? Go to Claire's and they picked something? All?

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Speaker 1: You like?

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Speaker 2: You pick them off that little you know, you just

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Speaker 2: take them up.

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Speaker 1: You get postcards, they just spin around. Yeah right, exactly.

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Speaker 2: Exactly for twenty nine ninety nine. Uh, Gudas or Gunas

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Speaker 2: or whatever. Vegan luxury handbag now because it's Vegan. Guess

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00:12:13,920 --> 00:12:20,839
Speaker 2: what Value not disclosed ufus ooh lah plus recovery slides.

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00:12:21,720 --> 00:12:24,920
Speaker 2: I don't know what a recovery slide is. That's seventy bucks.

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00:12:25,320 --> 00:12:29,319
Speaker 2: Asian luggage Kabuki Inspire, Japanese luggage sets Value not disclosed,

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00:12:29,640 --> 00:12:35,960
Speaker 2: additional luggage sets from near that luxury brand Samsoni Gap

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00:12:36,040 --> 00:12:38,880
Speaker 2: and Story somewhere between two twenty and nine ninety nine.

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Speaker 2: Or on the nose perfume. This is why I really

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Speaker 2: want to get you this on the nose perfume jet

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Speaker 2: set fragrance trio. You have a trio of fragrances. Every

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Speaker 2: day you come in smelling a little different instead of

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Speaker 2: smelling like the crap that you do. Value not disclosed

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00:12:56,679 --> 00:13:00,920
Speaker 2: skincare and Willness Glow Recipe skincare including I know you

236
00:13:01,040 --> 00:13:04,920
Speaker 2: use these all the time, Watermelon glow toner and Korean

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Speaker 2: toner pads.

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Speaker 1: Yeah, they taste delicious.

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Speaker 2: Value not disclosed institution Swiss Luxury Longevity Skin care three

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Speaker 2: piece set value not disclosed. Supergoop invisible SPF sunscreen primer

241
00:13:19,440 --> 00:13:24,120
Speaker 2: value not disclosed. Vital proteins collagen peptides value is not disclosed.

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Speaker 1: Hey, I'm a redhead. I need all the sunscreen I

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Speaker 1: can get exactly.

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Speaker 2: A hydro jug traveler spillproof water bottle. See, I knew

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Speaker 2: somewhere we'd get to some real swag. We finally got

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Speaker 2: to swag. Water bottle value not disclosed. You know why

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Speaker 2: they past some chinaman like you know, eighty nine cents

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Speaker 2: to buy it. They sell it retail for thirty nine

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Speaker 2: to ninety five and a foss electric flosser value not disclosed.

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Speaker 2: Now all that sounds great, right, Yeah?

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Speaker 1: I like it.

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Speaker 2: Now what's missing out of all that stuff? What is missing?

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Speaker 2: Struggles come out? Think about it, Colorado? What would we

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Speaker 2: if we wanted to be a part of the Hollywood

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Speaker 2: swag outfit? What would we do that's so uniquely Colorading

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Speaker 2: that I mean it's not unique anymore. But you know,

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Speaker 2: considering that you started here, what what would you do if? Uh?

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Speaker 1: Well, for what where's the potholes and where's the fees?

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Speaker 2: Uh No? Cannabish marijuana, BBO luxury cannabis gift set with

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Speaker 2: accessories marketed as the Aramis of Marijuana. The Aramis of Marijuana,

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00:14:41,880 --> 00:14:46,880
Speaker 2: A rhythm, high potency cannabis products can social tonics, microdos,

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Speaker 2: THC drink packets, senior Ita thh infused non alcoholic margarita's.

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Speaker 2: First of all, why if you're going to have a

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Speaker 2: margarita and it's going to be infused with THHC, why is.

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Speaker 1: It non alcoholic? Don't do it all? So many stars

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Speaker 1: are in recovery.

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Speaker 2: Oh okay, dog walkers cannabis pre rolls, not b roll

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Speaker 2: now I know you're thinking Hollywood b roll. No dog

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Speaker 2: walkers cannabis pre rolls. Value not described. Then you get

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Speaker 2: the stuff that you'd like. Posh pretzels, dark chocolate pretzels

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Speaker 2: with edible gold crystals. Sounds pretty expensive, isn't it? Twenty

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Speaker 2: bucks any dip, dark chocolate, coconut almond bites not disclosed,

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Speaker 2: hayes and honey, chocolate chunk cookies. Sure, what's a crumble cookie?

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Speaker 1: Four?

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Speaker 2: These not disclosed, True freeze dried chocolate covered fruit t

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Speaker 2: fourte tea chest and keepsake collection not disclosed. PEDA PETA

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Speaker 2: People for the Ethical Treatment of.

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Speaker 1: Animals, people eating tasty animals.

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Speaker 2: Yeah, absolutely, plant powered cavy art parentheses, vegan alternaty, fake

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Speaker 2: fish eggs, fake fish eggs. Value not I'll think what

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Speaker 2: he says. Value not disclosed. I can tell you what

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Speaker 2: it is worthless, worthless or green concepts be water.

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Speaker 1: You know only in Hollywood? Did you get a green

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Speaker 1: Concepts Bee Water.

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Speaker 2: You can get a Ballet Gold Edition Ultra Secure Gold

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Speaker 2: played a cryptocurrency cold storage wallet for forty nine bucks,

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00:16:29,200 --> 00:16:34,040
Speaker 2: swept unbreakable silicon drink, where grow luxury showerhead doing the

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Speaker 2: most party games. Who I wonder what that is doing

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Speaker 2: the most? M you missus Redbeard might like that, kissman,

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Speaker 2: what you told me of the day, doing the most,

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Speaker 2: mister missus Redbeard doing the most Michael, the world would

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Speaker 2: be a lot more insane if he didn't talk at all. Okay,

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Speaker 2: we can fix that happy to before I before.

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Speaker 1: We move on to some.

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Speaker 2: Well, some more frivolous news stories. I forgot the wild

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Speaker 2: card and the swag Bag. A trusted prenup fully customized

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Speaker 2: prenuptial agreement from celebrity divorce attorney James Sexton. Now in parentheses,

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Speaker 2: it tells me it's a six hundred dollars credit toward

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Speaker 2: the service. So you get a six hundred dollars credit.

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Speaker 2: If you decide that you're going to get married to

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Speaker 2: your sixteenth wife or your sixteenth husband, or your sixteenth dog,

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Speaker 2: or whatever they marry in Hollywood, you'll get a six

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00:17:42,440 --> 00:17:45,879
Speaker 2: hundred dollars credit toward the prenup, which my guess is

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Speaker 2: is probably about six thousand dollars.

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Speaker 1: So nothing says I love you like a prenup exactly.

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Speaker 2: Now, the math on the disposed individuals, that on the

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00:17:57,960 --> 00:18:01,800
Speaker 2: individual values, at least what's disclosed, doesn't get anywhere near

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00:18:01,840 --> 00:18:03,919
Speaker 2: the three hundred and forty six thousand dollars that the

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00:18:03,920 --> 00:18:08,240
Speaker 2: Wall Street Journal reported. The overwhelming bulk of that valuation

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00:18:09,160 --> 00:18:12,760
Speaker 2: is driven by those travel packages and the interior design

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Speaker 2: service I told you about at the beginning. Second, the

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Speaker 2: brands pay this outfit called distinctive Assets. They pay them

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Speaker 2: a premium just to be included in the bag for

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Speaker 2: the Hollywood Association, for the you know whatever that associations called.

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Speaker 1: So what is this?

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Speaker 2: This is really a three hundred and forty six thousand

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Speaker 2: dollars marketing vehicle dressed up as a gift. And the

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Speaker 2: prenuptial agreement has to be either the most cynical or

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Speaker 2: the most practical thing that Hollywood has ever put in

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Speaker 2: a swag bag. I genuinely can't decide which one it is,

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Speaker 2: but it's obviously one or the other. Go to New York.

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Speaker 2: I want to talk about New York for a little bit.

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Speaker 2: This is your economic lessons lesson for the day, and

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Speaker 2: I promise it's going to be more interesting than anything

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Speaker 2: you suffered through an Econ one oh one, New York

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Speaker 2: City Mayor Zofram wants to freeze rents and raise property

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Speaker 2: taxes nearly ten percent. Now just stop and think about it.

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Speaker 2: You own an apartment in Manhattan, anywhere in the five boroughs,

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Speaker 2: your rent's going to get frozen what you can charge

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Speaker 2: somebody that's you know, in the free market that people

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Speaker 2: are bidding trying to you know, they want your apartments

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Speaker 2: kind of maybe the last location, maybe it actually has

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Speaker 2: running water, who knows. And at the same time he's

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00:19:42,160 --> 00:19:48,080
Speaker 2: going to increase your property taxes. Wow, he's holding what

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00:19:48,240 --> 00:19:55,359
Speaker 2: he actually calls rental ripoff hearings. Well, that's that's perfectly appropriate,

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00:19:55,400 --> 00:19:59,880
Speaker 2: because because nothing says serious governance like a catchy villain narrative, right,

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Speaker 2: and his stated goal is to protect lower income tenants

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Speaker 2: from those greedy, bastard landlords. So he's being very noble, right,

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Speaker 2: very compassionate, and he's also being an absolute economic train

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Speaker 2: wreck in slow motion. So let's walk through what's actually happening,

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00:20:17,680 --> 00:20:20,080
Speaker 2: because this is a case study in what economics call

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Speaker 2: unintended consequences and what the rest of us call did

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Speaker 2: you even think this through? Do you even think about this?

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Speaker 2: Let's start with the basics. New York has what's called

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Speaker 2: rent stabilization. That's the system where landlords can only raise

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Speaker 2: risks by very small government approved amounts every year, regardless

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Speaker 2: what the actual market is doing. Now here's the theory.

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Speaker 2: The theory is that this somehow keeps housing affordable. What's

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Speaker 2: the reality, though, the reality is that it freezes the

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Speaker 2: economics of owning a building in some sort of golden amber,

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00:20:53,000 --> 00:20:57,200
Speaker 2: while everything around that building, the mortgages, the insurance, the maintenance,

352
00:20:57,240 --> 00:21:01,520
Speaker 2: the property taxes, all that keeps rising within flay. So

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00:21:01,560 --> 00:21:05,160
Speaker 2: you're running on a treadmill, but the treadmill keeps speeding up,

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Speaker 2: but your revenue gets capped. Now, layer on top of

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00:21:08,840 --> 00:21:12,680
Speaker 2: that a law they passed in twenty nineteen that further

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00:21:12,760 --> 00:21:17,760
Speaker 2: restricted rent increases. Then the Federal Reserve started jacking up

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00:21:17,800 --> 00:21:20,800
Speaker 2: interest rates in twenty twenty two, remember that, And suddenly

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00:21:20,840 --> 00:21:23,960
Speaker 2: those landlords who borrow money to finance these buildings were

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00:21:24,000 --> 00:21:29,720
Speaker 2: paying dramatically more in debt service, but their income was

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00:21:29,800 --> 00:21:34,560
Speaker 2: legally constrained. The Wall three journals reporting that lending to

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00:21:34,640 --> 00:21:40,040
Speaker 2: rent stabilized property in New York dropped fifty nine percent

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Speaker 2: between twenty nineteen and twenty twenty five. Fifty nine percent.

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00:21:45,760 --> 00:21:49,080
Speaker 2: That's not because the market cools off. That's because the

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00:21:49,119 --> 00:21:52,120
Speaker 2: market was having a heart attack. And that's because lenders

365
00:21:52,160 --> 00:21:54,840
Speaker 2: were like, we're not going to end to you. We

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00:21:55,000 --> 00:21:56,879
Speaker 2: you know, rather than you know you got and you

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00:21:56,880 --> 00:21:59,840
Speaker 2: get a thirty year mortgage and maybe you you know,

368
00:22:00,200 --> 00:22:02,360
Speaker 2: to be eighty percent and you'd have to have mortgage insurance,

369
00:22:02,480 --> 00:22:04,240
Speaker 2: maybe ninety percent. You know, you might have a ninety

370
00:22:04,240 --> 00:22:07,480
Speaker 2: percent mortgage on you know, ten percent a queen in

371
00:22:07,480 --> 00:22:09,399
Speaker 2: your home. Right now, they're looking at you need one

372
00:22:09,480 --> 00:22:11,240
Speaker 2: hundred and twenty percent. We're not gonna loand you any

373
00:22:11,240 --> 00:22:13,480
Speaker 2: money on this because we already know that the law

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00:22:13,520 --> 00:22:15,520
Speaker 2: is going to restrict you, and you're not going to

375
00:22:15,560 --> 00:22:19,840
Speaker 2: be able to charge market rates. So who's selling and

376
00:22:19,840 --> 00:22:24,320
Speaker 2: who's buying? And I think this is where it gets instructive.

377
00:22:25,320 --> 00:22:30,199
Speaker 2: The small landlords, the ones that mndamie's rhetoric implicitly targets

378
00:22:30,240 --> 00:22:34,360
Speaker 2: as the bad guys. They're being driven out of the marketplace.

379
00:22:35,160 --> 00:22:37,960
Speaker 2: So we're talking about families like the Bananos, who owned

380
00:22:37,960 --> 00:22:41,840
Speaker 2: a forty unit Brooklyn building since about nineteen eighty. The

381
00:22:41,920 --> 00:22:44,880
Speaker 2: kind of landlord that grew up in the building, knows

382
00:22:44,880 --> 00:22:48,240
Speaker 2: their tenants by name and will actually cut somebody a

383
00:22:48,359 --> 00:22:52,040
Speaker 2: break if they lose a job for a month. They're selling,

384
00:22:52,760 --> 00:22:57,920
Speaker 2: Why they've got to who's buying. Who's going to buy

385
00:22:57,920 --> 00:23:03,680
Speaker 2: from the Bananos? The big institutional vestors, the real estate

386
00:23:03,760 --> 00:23:08,520
Speaker 2: investment trust, the riots, the private equity firms, because they've

387
00:23:08,520 --> 00:23:11,760
Speaker 2: got enough financial depth that they can absorb the losses,

388
00:23:12,119 --> 00:23:14,680
Speaker 2: they can wait out the regulatory storm, and of course

389
00:23:14,680 --> 00:23:19,199
Speaker 2: they can acquire distress properties at bargain prices because the

390
00:23:19,240 --> 00:23:22,080
Speaker 2: families that own those they have no leverage. They have

391
00:23:22,160 --> 00:23:26,159
Speaker 2: no leverage whatsoever. They're trying to dump an asset that

392
00:23:26,200 --> 00:23:30,960
Speaker 2: they're losing money on. There was one Los Angeles investment

393
00:23:31,040 --> 00:23:36,000
Speaker 2: firm that bought up about four hundred rent stabilized units

394
00:23:36,040 --> 00:23:39,479
Speaker 2: starting in twenty twenty two, and the president of that

395
00:23:39,560 --> 00:23:44,359
Speaker 2: particular investment firm openly admits they're getting them at a

396
00:23:44,480 --> 00:23:51,880
Speaker 2: discount precisely because the sellers are desperate. So Zoefram's policy,

397
00:23:52,400 --> 00:23:56,640
Speaker 2: designed to protect the tenants from corporate landlords, is accelerating

398
00:23:56,680 --> 00:24:01,720
Speaker 2: the consolidation of the rental housing into corporate hands. It's

399
00:24:01,760 --> 00:24:05,119
Speaker 2: not me making a spend argument here, that's just the math.

400
00:24:06,080 --> 00:24:11,080
Speaker 2: And as of right now, corporate landlords already own ninety

401
00:24:11,119 --> 00:24:15,800
Speaker 2: percent of New York's multifamily housing stock. You know, the

402
00:24:15,840 --> 00:24:20,360
Speaker 2: small human scale landlord, the you know the couple that, hey,

403
00:24:20,680 --> 00:24:22,479
Speaker 2: we got a little money here, listen, bed less buy

404
00:24:22,520 --> 00:24:24,200
Speaker 2: an apartment and you know, clean it up and fix

405
00:24:24,240 --> 00:24:27,400
Speaker 2: it up and rent it out there. That's now down

406
00:24:27,440 --> 00:24:29,879
Speaker 2: to less than ten percent of the market, and it

407
00:24:29,920 --> 00:24:34,639
Speaker 2: continues to shrink. So every time, because I know, I

408
00:24:34,840 --> 00:24:37,120
Speaker 2: know we're going to start hearing this because of gas prices.

409
00:24:38,080 --> 00:24:43,080
Speaker 2: Here's the deeper economic lesson price controls, and a rent

410
00:24:43,119 --> 00:24:48,200
Speaker 2: freeze is a price control, full stop. It always produces

411
00:24:48,200 --> 00:24:51,639
Speaker 2: the same results regardless of what century you try it in,

412
00:24:52,080 --> 00:24:54,960
Speaker 2: regardless of what city you apply it to. Try it

413
00:24:55,000 --> 00:24:57,760
Speaker 2: in regardless of what asset you might apply it to.

414
00:24:58,320 --> 00:25:03,920
Speaker 2: Price controls reduce supply, price controls reduce quality, and they

415
00:25:03,960 --> 00:25:07,560
Speaker 2: benefit the people who are already in the controlled units,

416
00:25:08,000 --> 00:25:10,760
Speaker 2: and then it makes it nearly impossible for any well

417
00:25:10,920 --> 00:25:15,120
Speaker 2: when anyone else do get any rent controlled unit. If

418
00:25:15,160 --> 00:25:17,680
Speaker 2: you own a rent controlled unit, why would you ever move?

419
00:25:18,400 --> 00:25:20,719
Speaker 2: And you will go through all sorts of legal machinations,

420
00:25:20,720 --> 00:25:23,320
Speaker 2: probably even some fraud, probably even trying to hide it

421
00:25:23,520 --> 00:25:25,439
Speaker 2: to make sure that you know when you die, you

422
00:25:25,440 --> 00:25:28,560
Speaker 2: know that your your your your little love money can

423
00:25:28,560 --> 00:25:30,760
Speaker 2: stay there or whatever, so they can stay in it too,

424
00:25:31,359 --> 00:25:32,879
Speaker 2: and you'll just keep paying the rent. And you know,

425
00:25:32,960 --> 00:25:36,400
Speaker 2: in the in the old man's dead name. Think about

426
00:25:36,400 --> 00:25:40,200
Speaker 2: it this way. If you're a landlord and you can't

427
00:25:40,280 --> 00:25:44,920
Speaker 2: raise rents to cover your costs, you have three rational choices.

428
00:25:45,640 --> 00:25:49,040
Speaker 2: These are just these are just the laws of economics.

429
00:25:49,880 --> 00:25:54,679
Speaker 2: You let the building deteriorate, you sell the building, you

430
00:25:54,720 --> 00:25:58,760
Speaker 2: stop being a landlord. Well, Zoefram is simultaneously threatening each

431
00:25:58,800 --> 00:26:02,840
Speaker 2: crack down the landlord's who aren't maintaining their buildings, while

432
00:26:02,880 --> 00:26:05,800
Speaker 2: at the same time, this is what fascinates me about

433
00:26:05,840 --> 00:26:09,000
Speaker 2: this story. He's going to crack down on the landlords

434
00:26:09,040 --> 00:26:11,800
Speaker 2: who aren't maintaining their buildings. Now, why are they maintaining

435
00:26:11,840 --> 00:26:17,119
Speaker 2: their buildings because they can't afford to while creating the

436
00:26:17,160 --> 00:26:25,199
Speaker 2: precise financial conditions that make maintenance economic economically irrational. So

437
00:26:25,280 --> 00:26:28,680
Speaker 2: now he's going to impose fines where you can't find

438
00:26:28,720 --> 00:26:34,560
Speaker 2: your way out of a math problem. Meanwhile, there's a guy,

439
00:26:34,760 --> 00:26:39,840
Speaker 2: Howard Perett, three generations of family ownership, currently sitting on

440
00:26:39,880 --> 00:26:43,800
Speaker 2: twenty four million dollars in debt a building that at

441
00:26:43,840 --> 00:26:48,080
Speaker 2: one time was worth more than sixty million dollars before

442
00:26:48,080 --> 00:26:50,880
Speaker 2: the twenty nineteen law cut its value in nearly half.

443
00:26:52,000 --> 00:26:55,600
Speaker 2: He can't sell. He can't sell because the capital gains

444
00:26:55,640 --> 00:26:59,320
Speaker 2: tax would exceed his profit and he'd end up bankrupt.

445
00:27:00,119 --> 00:27:03,240
Speaker 2: He's trapped. His retirement was supposed to be that building.

446
00:27:03,800 --> 00:27:07,200
Speaker 2: Now it's a millstone. The people of New York need

447
00:27:07,240 --> 00:27:11,360
Speaker 2: to get rid of Mandannie. They needed peach him or

448
00:27:11,520 --> 00:27:17,400
Speaker 2: just take them, you know, by takeover, mutiny, take their

449
00:27:17,440 --> 00:27:18,000
Speaker 2: city back.

450
00:27:18,600 --> 00:27:21,080
Speaker 1: He's completely destroying it on purpose.

451
00:27:23,520 --> 00:27:26,040
Speaker 2: First first's thinking there, I wasn't quite sure where he

452
00:27:26,160 --> 00:27:28,400
Speaker 2: was going. When he was talking about need to take

453
00:27:28,560 --> 00:27:33,720
Speaker 2: mommy out. I thought, oh, let's see if we really

454
00:27:33,760 --> 00:27:36,119
Speaker 2: go that way? Are we going to go that direction?

455
00:27:36,280 --> 00:27:36,879
Speaker 1: Are we really?

456
00:27:38,000 --> 00:27:40,959
Speaker 2: So? There was your economic lesson for the day. I mean,

457
00:27:41,000 --> 00:27:45,639
Speaker 2: it really is pretty bad considering everything that's going on

458
00:27:45,680 --> 00:27:49,720
Speaker 2: in the economy right now. The people at MAMDANNI wants

459
00:27:49,800 --> 00:27:53,480
Speaker 2: to help most those lower income tenants who need affordable, humane,

460
00:27:53,840 --> 00:27:57,520
Speaker 2: well maintained housing, they're going to end up dealing exclusively

461
00:27:58,160 --> 00:28:02,160
Speaker 2: with the large institutional opera that a New York University

462
00:28:02,200 --> 00:28:06,119
Speaker 2: study found are more likely to evict tenants and charge

463
00:28:06,200 --> 00:28:09,640
Speaker 2: higher rents. The mom and pop landlord, the ones who

464
00:28:09,640 --> 00:28:12,199
Speaker 2: actually saw you as a human being, they're going to

465
00:28:12,240 --> 00:28:15,200
Speaker 2: be gone, replaced by a corporation that just sees you

466
00:28:15,240 --> 00:28:19,720
Speaker 2: as a line item. This is what happens every single

467
00:28:19,760 --> 00:28:23,960
Speaker 2: time that government decides to substitute political.

468
00:28:23,480 --> 00:28:26,800
Speaker 1: Sentiment for economic reality.

469
00:28:26,880 --> 00:28:30,280
Speaker 2: You cannot and you don't repeal the laws of supply

470
00:28:30,359 --> 00:28:34,040
Speaker 2: and demand by holding a hearing than giving an angry name.

471
00:28:35,280 --> 00:28:38,480
Speaker 2: You just rearrange who's going to get hurt, and usually

472
00:28:38,520 --> 00:28:41,479
Speaker 2: it's the people you claim that you were protecting. And

473
00:28:41,520 --> 00:28:44,520
Speaker 2: I think New York City is exhibit A. Don't let

474
00:28:44,600 --> 00:28:49,760
Speaker 2: it become Denver's future or your city's future. So that's economics. Lesson.

475
00:28:50,080 --> 00:28:50,440
Speaker 1: That's it.

476
00:28:50,640 --> 00:28:56,960
Speaker 2: Class is dismissed. But along the same lines, greed and

477
00:28:57,520 --> 00:29:04,640
Speaker 2: apocrisy contend you to characterize the Marxist culture personality that

478
00:29:04,840 --> 00:29:07,240
Speaker 2: was known as Barack Obama. According to the New York Post,

479
00:29:08,280 --> 00:29:12,800
Speaker 2: the Obama Foundation is looking for one hundred. This is

480
00:29:12,800 --> 00:29:15,400
Speaker 2: a great job for you. I think all of you

481
00:29:15,440 --> 00:29:19,600
Speaker 2: should volunteer to do this. They're looking for one hundred

482
00:29:19,880 --> 00:29:23,080
Speaker 2: unpaid volunteers. We used to call those interns, but you

483
00:29:23,120 --> 00:29:27,280
Speaker 2: can't do that anymore. One hundred unpaid volunteers to work

484
00:29:27,320 --> 00:29:34,680
Speaker 2: alongside the former president's highly paid cronies at the Obama

485
00:29:34,720 --> 00:29:40,000
Speaker 2: Presidential Center in Chicago when it opens in June at

486
00:29:40,040 --> 00:29:49,800
Speaker 2: a cost of eight hundred fifty million dollars. Have you

487
00:29:49,960 --> 00:29:54,400
Speaker 2: seen it? It truly looks and I think appropriately so

488
00:29:55,200 --> 00:29:57,640
Speaker 2: it looks like something out of the old Soviet era,

489
00:29:58,400 --> 00:30:02,440
Speaker 2: except you know, the old Soviet center block apartment buildings

490
00:30:02,960 --> 00:30:04,960
Speaker 2: used to be, you know, so now they're in Moscow

491
00:30:05,080 --> 00:30:07,440
Speaker 2: and Saint Petersburg. They would build them, you know, twenty

492
00:30:07,480 --> 00:30:10,240
Speaker 2: thirty forty stories high, and so it might.

493
00:30:10,160 --> 00:30:11,160
Speaker 1: Be one like that.

494
00:30:11,240 --> 00:30:14,800
Speaker 2: But that's that's kind of the it's gray, it's you know,

495
00:30:14,920 --> 00:30:17,480
Speaker 2: almost it does have windows, but it appears to be

496
00:30:17,520 --> 00:30:20,880
Speaker 2: almost windowless. It kind of reminds me of the of

497
00:30:20,920 --> 00:30:23,760
Speaker 2: the Oklahoma County Jail in downtown Oklahoma City. It's just

498
00:30:23,760 --> 00:30:27,920
Speaker 2: this block of concrete is all it is. Eight hundred

499
00:30:27,960 --> 00:30:30,840
Speaker 2: and fifty million dollars. Well, you would have bet they

500
00:30:31,360 --> 00:30:34,280
Speaker 2: finally when we get there, if we ever do get

501
00:30:34,280 --> 00:30:38,720
Speaker 2: a real accounting, it'll be a billion dollar structure. Why

502
00:30:38,960 --> 00:30:41,520
Speaker 2: guess what he and jer own publicans sit and compare

503
00:30:41,600 --> 00:30:46,240
Speaker 2: construction costs. Yes, the contempt that the Obamas have for

504
00:30:46,280 --> 00:30:50,800
Speaker 2: their own accolytes is truly astounding. According to New York Post,

505
00:30:51,120 --> 00:30:55,760
Speaker 2: officials are pitching the no paycheck gigs as rooted in

506
00:30:55,960 --> 00:31:02,800
Speaker 2: former President Barack Obama's legacy of civic engagement? Is that

507
00:31:02,840 --> 00:31:06,040
Speaker 2: what you call it now? Citic engagement? How about you

508
00:31:06,200 --> 00:31:09,600
Speaker 2: just going to exploit the hapless dupes that want to say, oh,

509
00:31:09,600 --> 00:31:14,000
Speaker 2: I volunteer at the Obama Center. Meanwhile, the recruitment campaign

510
00:31:15,680 --> 00:31:20,560
Speaker 2: they started this just after Fox News Digital reported that

511
00:31:21,360 --> 00:31:28,920
Speaker 2: the Obama Center's CEO, former top Obama a Valerie Jarret. Yes,

512
00:31:28,960 --> 00:31:32,640
Speaker 2: how much she was paid last year seven hundred and

513
00:31:32,680 --> 00:31:37,160
Speaker 2: forty thousand dollars three quarters of a million dollars, so

514
00:31:37,200 --> 00:31:40,360
Speaker 2: you can go volunteer to bring her, you know, her

515
00:31:40,400 --> 00:31:44,680
Speaker 2: afternoon tea, bring her diet coke, you know, wipe her little,

516
00:31:45,080 --> 00:31:46,880
Speaker 2: you know, make take her high heels off and wipe

517
00:31:46,920 --> 00:31:49,120
Speaker 2: them off when she tracks through the Oh, she won't

518
00:31:49,120 --> 00:31:52,560
Speaker 2: track through any Chicago Snow, she'll have a driver. Hope

519
00:31:52,560 --> 00:31:53,280
Speaker 2: and change.

520
00:31:53,680 --> 00:31:53,960
Speaker 1: Hoping.

521
00:31:54,040 --> 00:31:57,040
Speaker 2: Change has been very very good to Valerie Jarret. Not

522
00:31:57,200 --> 00:31:59,120
Speaker 2: so good for the rest of the country though, right

523
00:32:00,120 --> 00:32:04,440
Speaker 2: freaking believable. Nobody shouldn't be surprised by that in the least.

524
00:32:06,040 --> 00:32:10,640
Speaker 2: All the non Western cultures that are importing all these

525
00:32:10,720 --> 00:32:14,040
Speaker 2: people from foreign countries because they want a multicultural tapestry.

526
00:32:15,200 --> 00:32:18,479
Speaker 2: They understand Times reports. The sink, owner of a London

527
00:32:18,520 --> 00:32:23,960
Speaker 2: based Indian restaurant, was detained by the police on Saturday

528
00:32:24,600 --> 00:32:28,440
Speaker 2: in London, following days of controversy over his refusal to

529
00:32:28,520 --> 00:32:33,400
Speaker 2: sell Hellal Meet Indian origin restaurant. Her Harmen Singh Kapoor

530
00:32:33,800 --> 00:32:35,760
Speaker 2: had earlier claimed that he had become the target of

531
00:32:35,880 --> 00:32:40,880
Speaker 2: Muslim protesters over his refusal to sell Hallal. Now I

532
00:32:40,880 --> 00:32:45,200
Speaker 2: think by protesters they actually mean thugs. He had posted

533
00:32:45,240 --> 00:32:48,480
Speaker 2: frequently about being threatened and intimidated by members of what

534
00:32:48,600 --> 00:32:53,480
Speaker 2: he referred to as the peaceful community for not selling

535
00:32:53,480 --> 00:32:57,480
Speaker 2: Hallal The London poposts say they won't. They won't say

536
00:32:57,480 --> 00:33:00,560
Speaker 2: why they arrested him. How Maybe it's something to do

537
00:33:00,600 --> 00:33:03,160
Speaker 2: with being critical of Islam. Maybe just maybe