1 00:00:00,760 --> 00:00:03,640 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:03,840 --> 00:00:06,320 Speaker 1: and we here at breaking points, are already thinking of 3 00:00:06,360 --> 00:00:08,600 Speaker 1: ways we can up our game for this critical election. 4 00:00:08,800 --> 00:00:11,719 Speaker 2: We rely on our premium subs to expand coverage, upgrade 5 00:00:11,720 --> 00:00:15,120 Speaker 2: the studio ad staff, give you, guys, the best independent 6 00:00:15,120 --> 00:00:17,439 Speaker 2: coverage that is possible. If you like what we're all about, 7 00:00:17,680 --> 00:00:20,080 Speaker 2: it just means the absolute world to have your support. 8 00:00:20,160 --> 00:00:21,840 Speaker 2: But enough with that, let's get to the show. 9 00:00:22,040 --> 00:00:25,640 Speaker 3: Look, uncommitted got thirteen percent. That's not nothing. But in 10 00:00:25,640 --> 00:00:28,920 Speaker 3: twenty twelve, where there was no big uncommitted campaign against 11 00:00:28,920 --> 00:00:33,560 Speaker 3: that incumbent President Barack Obama, uncommitted got eleven percent. Now 12 00:00:33,680 --> 00:00:36,720 Speaker 3: I'm not a big mathematician, but eleven percent and thirteen percent. 13 00:00:37,040 --> 00:00:39,120 Speaker 4: I don't have the budget for a giant touchcreen TV 14 00:00:39,240 --> 00:00:41,479 Speaker 4: to do pundit math on, but I do have a 15 00:00:41,520 --> 00:00:44,159 Speaker 4: pen and paper, so let's do some pundent math. In 16 00:00:44,240 --> 00:00:47,520 Speaker 4: twenty twenty four and the Democratic primary in Michigan, uncommitted 17 00:00:47,560 --> 00:00:50,879 Speaker 4: received thirteen percent. This uncommitted vote being part of an 18 00:00:50,880 --> 00:00:54,000 Speaker 4: effort to scare the Biden administration into discontinuing the us 19 00:00:54,080 --> 00:00:56,840 Speaker 4: A support for the assault on Gaza, in which Israel 20 00:00:56,880 --> 00:01:00,280 Speaker 4: has killed about thirty thousand people. Others have expect you lated, 21 00:01:00,280 --> 00:01:02,440 Speaker 4: the number could be as high as two hundred thousand. 22 00:01:03,080 --> 00:01:05,759 Speaker 4: In twenty twelve, the last election in which a Democrat, 23 00:01:05,760 --> 00:01:09,720 Speaker 4: Obama was up for reelection, eleven percent voted uncommitted. Those 24 00:01:09,800 --> 00:01:12,520 Speaker 4: numbers are pretty close, and actually, in two thousand and eight, 25 00:01:12,680 --> 00:01:15,840 Speaker 4: about forty percent voted uncommitted in the Democratic primary, and 26 00:01:15,840 --> 00:01:18,640 Speaker 4: as a matter of fact, nineteen ninety six, eighty six 27 00:01:18,680 --> 00:01:21,720 Speaker 4: percent voted uncommitted in Michigan. Now I can understand why 28 00:01:21,800 --> 00:01:23,880 Speaker 4: someone might look at the twenty twelve number and think, well, 29 00:01:23,959 --> 00:01:27,399 Speaker 4: what happened in twenty twenty four isn't terribly unusual. I 30 00:01:27,480 --> 00:01:30,080 Speaker 4: do not understand, however, how a data person at a 31 00:01:30,160 --> 00:01:33,080 Speaker 4: national news agency could look at those numbers and think 32 00:01:33,160 --> 00:01:36,840 Speaker 4: they're comparable, because they're not. Those numbers are for completely 33 00:01:36,840 --> 00:01:38,759 Speaker 4: different reasons. They have nothing to do with each other. 34 00:01:39,040 --> 00:01:41,840 Speaker 4: The twenty twelve number is as irrelevant as the two 35 00:01:41,880 --> 00:01:44,240 Speaker 4: thousand and eight number and the ninety six number. I 36 00:01:44,280 --> 00:01:47,760 Speaker 4: will explain now, Michigan might have been the first state 37 00:01:47,800 --> 00:01:51,520 Speaker 4: in the uncommitted campaign, but since then, hundreds of thousands 38 00:01:51,640 --> 00:01:56,280 Speaker 4: have voted uncommitted around the country. Routinely outperforming all the 39 00:01:56,360 --> 00:01:59,960 Speaker 4: other Democratic candidates combined, and we're not done with primaries yet. 40 00:02:00,280 --> 00:02:03,640 Speaker 4: Some people are unmoved by this. Some voters logged protest 41 00:02:03,720 --> 00:02:07,280 Speaker 4: votes against President Biden on Super Tuesday, but in many places, 42 00:02:07,320 --> 00:02:11,119 Speaker 4: proportionally it was a smaller share than in twenty twelve. Obama, 43 00:02:11,280 --> 00:02:14,639 Speaker 4: you will recall one reelection, but the uncommitted vote in 44 00:02:14,680 --> 00:02:18,840 Speaker 4: twenty twenty four does say something serious and unique and 45 00:02:18,919 --> 00:02:22,320 Speaker 4: could absolutely help inform how the general election is going 46 00:02:22,400 --> 00:02:27,240 Speaker 4: to go. Now, you might have heard people say something like, who, 47 00:02:27,280 --> 00:02:29,800 Speaker 4: Michigan is a purple state. We are a state that 48 00:02:30,000 --> 00:02:33,880 Speaker 4: frequently votes uncommitted. Yeah, it does kind of. In nineteen 49 00:02:33,919 --> 00:02:36,280 Speaker 4: ninety six and the Democratic primary, one hundred and twenty 50 00:02:36,280 --> 00:02:39,919 Speaker 4: three thousand people voted uncommitted in Michigan. In nineteen ninety six, 51 00:02:40,120 --> 00:02:43,680 Speaker 4: Michigan switched to an open primary in addition to holding 52 00:02:43,680 --> 00:02:47,280 Speaker 4: a caucus. However, the National Democratic Party didn't recognize open 53 00:02:47,320 --> 00:02:50,960 Speaker 4: primaries for presidential elections, so all the candidates removed their 54 00:02:51,040 --> 00:02:53,920 Speaker 4: names from the ballot. The options in the primary that 55 00:02:54,000 --> 00:02:57,240 Speaker 4: year vote uncommitted or write in a name, and so 56 00:02:57,560 --> 00:03:00,919 Speaker 4: uncommitted got eighty six percent and the U fourteen percent 57 00:03:01,040 --> 00:03:03,160 Speaker 4: were right ends two thousand and eight in the Michigan 58 00:03:03,160 --> 00:03:06,600 Speaker 4: Democratic primary. That's an interesting year because that year saw 59 00:03:06,760 --> 00:03:10,520 Speaker 4: two hundred and thirty eight thousand people vote uncommitted, almost 60 00:03:10,560 --> 00:03:13,400 Speaker 4: forty percent of the vote. That's because that year Michigan 61 00:03:13,440 --> 00:03:16,840 Speaker 4: tried to challenge the DNC rules. See, Michigan wanted to 62 00:03:16,880 --> 00:03:20,080 Speaker 4: have more influence, so they moved their primary earlier that 63 00:03:20,200 --> 00:03:23,760 Speaker 4: year to January fifteenth, which was before Super Tuesday. But 64 00:03:23,800 --> 00:03:27,960 Speaker 4: there were only four states allowed to vote before Super Tuesday, 65 00:03:28,360 --> 00:03:31,680 Speaker 4: and Michigan was not one of them. So in response 66 00:03:31,720 --> 00:03:34,840 Speaker 4: to this, pretty much everyone took their name off the ballot. 67 00:03:35,360 --> 00:03:38,400 Speaker 4: So if you wanted to vote for Edwards or Obama 68 00:03:38,600 --> 00:03:42,240 Speaker 4: or Biden, you would to vote uncommitted. So in those elections, 69 00:03:42,320 --> 00:03:44,320 Speaker 4: the option to vote uncommitted was a way to vote 70 00:03:44,360 --> 00:03:47,760 Speaker 4: for someone who for whatever reason wasn't on the ballot, 71 00:03:48,280 --> 00:03:50,600 Speaker 4: but as a protest vote. There was a lot more 72 00:03:50,640 --> 00:03:53,080 Speaker 4: to this, and this is actually an important topic that 73 00:03:53,200 --> 00:03:55,880 Speaker 4: is generally under explored. The option to vote for none 74 00:03:55,880 --> 00:03:59,040 Speaker 4: of the above is something I think everyone should have 75 00:03:59,080 --> 00:04:01,760 Speaker 4: the right to do. This year, the entire country saw that. 76 00:04:01,800 --> 00:04:05,240 Speaker 4: In the Republican primary in Nevada, Nikki Haley was defeated 77 00:04:05,280 --> 00:04:08,040 Speaker 4: by none of these candidates. I don't think there is 78 00:04:08,120 --> 00:04:11,040 Speaker 4: anything that could possibly represent the spirit of Nikki Haley's 79 00:04:11,080 --> 00:04:14,920 Speaker 4: participation in the Republican primary this year better than this image. 80 00:04:15,400 --> 00:04:18,920 Speaker 4: But none of these candidates is on all of Nevada's ballots, 81 00:04:19,240 --> 00:04:21,760 Speaker 4: and none of these candidates has won in the past. 82 00:04:22,040 --> 00:04:25,760 Speaker 4: In twenty fourteen, in the Democratic primary for governor Nevada, 83 00:04:25,760 --> 00:04:29,479 Speaker 4: Democrats chose none of these candidates. There's actually been an 84 00:04:29,520 --> 00:04:32,640 Speaker 4: effort to remove this option from the ballot because supposedly 85 00:04:32,920 --> 00:04:37,520 Speaker 4: it disenfranchises voters through its spoiler effect, And generally speaking, 86 00:04:37,600 --> 00:04:40,680 Speaker 4: I think the spoiler effect and labeling certain candidates as 87 00:04:40,720 --> 00:04:45,560 Speaker 4: spoilers is a really toxic element in our political discourse. However, 88 00:04:45,680 --> 00:04:48,600 Speaker 4: if we're being generous, it can be at least an 89 00:04:48,680 --> 00:04:52,000 Speaker 4: accurate diagnosis if you are truly talking about someone whose 90 00:04:52,080 --> 00:04:57,279 Speaker 4: voters might plausibly draw from someone else. So in the 91 00:04:57,320 --> 00:04:59,960 Speaker 4: case of RFK, for example, I think a number of 92 00:05:00,120 --> 00:05:04,000 Speaker 4: his supporters would vote for Trump, whereas someone voting for 93 00:05:04,200 --> 00:05:08,080 Speaker 4: Cornell West is less likely to vote for Biden no 94 00:05:08,160 --> 00:05:10,440 Speaker 4: matter what. But let's think about someone who votes for 95 00:05:10,760 --> 00:05:13,919 Speaker 4: none of these candidates. If you are so dissatisfied with 96 00:05:14,040 --> 00:05:16,599 Speaker 4: everyone on the ballot, that you put on clothes, you 97 00:05:16,640 --> 00:05:18,919 Speaker 4: get in your car, you drive to your polling place, 98 00:05:19,520 --> 00:05:21,920 Speaker 4: just to mark on your ballot that you hate your 99 00:05:21,960 --> 00:05:24,760 Speaker 4: options and ostensibly don't care who wins. You're only showing 100 00:05:24,800 --> 00:05:28,040 Speaker 4: up to register your dissatisfaction. If that person goes to 101 00:05:28,120 --> 00:05:31,280 Speaker 4: vote and realizes they can't choose none of these candidates, 102 00:05:31,480 --> 00:05:34,400 Speaker 4: their vote would probably go to a candidate who didn't 103 00:05:34,400 --> 00:05:36,840 Speaker 4: have much of a chance to win anyway, And for sure, 104 00:05:36,920 --> 00:05:40,400 Speaker 4: you're removing the ballot option that actually represented that person's desires, 105 00:05:40,440 --> 00:05:45,080 Speaker 4: which is some way of expressing non consent. But on 106 00:05:45,120 --> 00:05:48,320 Speaker 4: the occasion when none of these candidates does well or 107 00:05:48,360 --> 00:05:53,039 Speaker 4: even wins, it certainly has a delegitimizing effect, which I 108 00:05:53,080 --> 00:05:55,359 Speaker 4: assume is a reason people have tried to get this 109 00:05:55,400 --> 00:05:58,120 Speaker 4: option removed from the ballot in Nevada, since this option 110 00:05:58,279 --> 00:06:01,839 Speaker 4: has no actual concept, because what happens if none of 111 00:06:01,839 --> 00:06:05,479 Speaker 4: these candidates wins, the election then defaults to the person 112 00:06:05,560 --> 00:06:08,039 Speaker 4: who came in second. So in twenty fourteen, the thirty 113 00:06:08,040 --> 00:06:11,640 Speaker 4: percent who voted none of these candidates were tossed aside 114 00:06:11,920 --> 00:06:15,680 Speaker 4: and the election went to this guy. Where this would 115 00:06:15,839 --> 00:06:18,159 Speaker 4: really become a threat is in the case where a 116 00:06:18,279 --> 00:06:22,840 Speaker 4: vote of non consent had actual consequences. Now, there are 117 00:06:22,880 --> 00:06:25,960 Speaker 4: places where a none of the above vote would trigger 118 00:06:26,080 --> 00:06:29,839 Speaker 4: a new election. In Colombia, for example, if a blank 119 00:06:29,960 --> 00:06:33,039 Speaker 4: vote receives a simple majority, not only does it trigger 120 00:06:33,080 --> 00:06:36,360 Speaker 4: a new election, all the candidates on the ballot are 121 00:06:36,440 --> 00:06:40,120 Speaker 4: precluded from participating in that new election. How do you 122 00:06:40,200 --> 00:06:43,000 Speaker 4: think that would change to the political landscape in the 123 00:06:43,120 --> 00:06:44,560 Speaker 4: US if we knew that we could go to the 124 00:06:44,560 --> 00:06:48,039 Speaker 4: polls in November, vote blank, and then get a new 125 00:06:48,080 --> 00:06:51,719 Speaker 4: election where neither Trump nor Biden were allowed to run. 126 00:06:52,520 --> 00:06:53,119 Speaker 5: Leave a comment. 127 00:06:53,360 --> 00:06:56,400 Speaker 4: Do you think in such a scenario, Blank would win? 128 00:06:56,520 --> 00:06:59,479 Speaker 4: Because I can't even fathom such a hypothetical. If people 129 00:06:59,480 --> 00:07:01,920 Speaker 4: thought that the candidates amounted to an etch a sketch, 130 00:07:01,960 --> 00:07:04,760 Speaker 4: they could shake in November. But for right now, how 131 00:07:04,800 --> 00:07:09,600 Speaker 4: you'd express your dissatisfaction is by voting third party alternative candidates, 132 00:07:09,720 --> 00:07:11,920 Speaker 4: or by staying home, or in the states where you 133 00:07:11,960 --> 00:07:14,720 Speaker 4: can voting uncommitted or none of the above. Would you 134 00:07:14,800 --> 00:07:21,040 Speaker 4: consider voting uncommitted? Love it, respected, encourage it, help people 135 00:07:21,080 --> 00:07:25,120 Speaker 4: do it. No, I can understand why people want to, but. 136 00:07:25,240 --> 00:07:27,920 Speaker 1: I won't be Why not yeah, yeah. 137 00:07:27,800 --> 00:07:28,520 Speaker 6: Honestly too. 138 00:07:28,920 --> 00:07:32,000 Speaker 7: The I mean, the whole situation there is horrible. 139 00:07:32,240 --> 00:07:34,080 Speaker 5: I'm just not informed enough to be able to commit 140 00:07:34,200 --> 00:07:34,720 Speaker 5: or not commit. 141 00:07:35,120 --> 00:07:36,600 Speaker 7: But what can you do with your vote that would 142 00:07:36,600 --> 00:07:38,920 Speaker 7: actually make a difference the property? I get it, I 143 00:07:38,960 --> 00:07:39,680 Speaker 7: would consider it. 144 00:07:39,760 --> 00:07:41,360 Speaker 3: In the prim area. 145 00:07:41,160 --> 00:07:44,200 Speaker 4: Eleven percent, twenty twelve, thirteen percent, and twenty twenty four, 146 00:07:44,680 --> 00:07:49,320 Speaker 4: what's the difference. Way fewer people have voted uncommitted against 147 00:07:49,400 --> 00:07:52,240 Speaker 4: Joe Biden is time then did against Barack Obama in 148 00:07:52,280 --> 00:07:55,800 Speaker 4: twenty twelve, which means that this time around is also immaterial. 149 00:07:56,000 --> 00:07:59,240 Speaker 4: It also means that the other uncommitted votes in other 150 00:07:59,360 --> 00:08:04,560 Speaker 4: states are probably not worth paying attention to. This is incorrect. Dearborn, 151 00:08:04,600 --> 00:08:08,000 Speaker 4: Michigan has a huge air population. In twenty twelve, their 152 00:08:08,000 --> 00:08:12,000 Speaker 4: congressional district voted thirteen percent uncommitted. There is no effort 153 00:08:12,040 --> 00:08:15,040 Speaker 4: to unite in an uncommitted vote, and so Dearborn's district 154 00:08:15,200 --> 00:08:18,000 Speaker 4: voted uncommitted at the same rate every other place did, 155 00:08:18,480 --> 00:08:23,600 Speaker 4: whereas in twenty twenty four they voted fifty seven percent uncommitted. Now, 156 00:08:23,760 --> 00:08:26,400 Speaker 4: after all the death in Gaza and the knowledge that 157 00:08:26,440 --> 00:08:29,560 Speaker 4: the US is doing things like authorizing the transfer of 158 00:08:29,600 --> 00:08:33,080 Speaker 4: two point five billion dollars of warplanes and weapons day Israel, 159 00:08:33,080 --> 00:08:37,120 Speaker 4: which includes eighteen hundred Mk eighty four two thousand pound bombs. Now, 160 00:08:37,280 --> 00:08:40,000 Speaker 4: the use of a two thousand pound bomb can amount 161 00:08:40,120 --> 00:08:43,480 Speaker 4: to a war crime because the blast radius is so big. 162 00:08:43,720 --> 00:08:46,000 Speaker 6: For an example of the deadly reach this bomb has, 163 00:08:46,360 --> 00:08:49,880 Speaker 6: here is Yankee Stadium, and here is where you would 164 00:08:49,880 --> 00:08:53,040 Speaker 6: not want to be. Whereas aid to Gaza as of 165 00:08:53,040 --> 00:08:55,760 Speaker 6: March seventh, was only one hundred and eighty million dollars. 166 00:08:56,000 --> 00:08:58,480 Speaker 6: And so in twenty twenty four, uncommitted got one hundred 167 00:08:58,520 --> 00:09:01,800 Speaker 6: and one thousand votes in Michigan or thirteen point two percent. 168 00:09:01,840 --> 00:09:04,520 Speaker 6: Alternative ways you could compare twenty twenty four to twenty 169 00:09:04,520 --> 00:09:05,320 Speaker 6: twelve one. 170 00:09:05,280 --> 00:09:08,000 Speaker 4: Hundred and one thousand votes for uncommitted. Obama only got 171 00:09:08,040 --> 00:09:10,400 Speaker 4: one hundred and seventy four thousand votes in twenty twelve. 172 00:09:10,440 --> 00:09:14,360 Speaker 4: But I think the most useful comparison is this twenty 173 00:09:14,440 --> 00:09:17,160 Speaker 4: years ago. In two thousand and four, Carry one Michigan 174 00:09:17,480 --> 00:09:21,280 Speaker 4: by one hundred and sixty thousand. Twenty sixteen was famously close. 175 00:09:21,400 --> 00:09:24,880 Speaker 4: Trump won by eleven thousand votes, and in twenty twenty 176 00:09:25,240 --> 00:09:27,960 Speaker 4: Biden won by one hundred and fifty four thousand votes, 177 00:09:28,120 --> 00:09:29,959 Speaker 4: so this number is pretty close to the margin of 178 00:09:30,040 --> 00:09:34,080 Speaker 4: victory in an important state. It just so happens because 179 00:09:34,080 --> 00:09:36,400 Speaker 4: of this uncommitted vote, people have the chance to use 180 00:09:36,440 --> 00:09:39,800 Speaker 4: the Democratic primary for something other than participating in a 181 00:09:39,840 --> 00:09:43,319 Speaker 4: predetermined outcome, which is to say that because the numbers 182 00:09:43,320 --> 00:09:45,600 Speaker 4: are big enough, because there is a big enough campaign, 183 00:09:45,880 --> 00:09:49,120 Speaker 4: you can register a vote of non consent and be 184 00:09:49,200 --> 00:09:52,200 Speaker 4: heard in a way that you normally can't. And in 185 00:09:52,240 --> 00:09:55,360 Speaker 4: twenty twenty four, it would seem this is the most 186 00:09:55,360 --> 00:09:59,480 Speaker 4: effective way to use the Democratic primary to actually say something, 187 00:10:00,040 --> 00:10:01,400 Speaker 4: and that will do it for me. My name is 188 00:10:01,440 --> 00:10:03,840 Speaker 4: Spencer Snyder. If you found this video interesting, make sure 189 00:10:03,880 --> 00:10:06,600 Speaker 4: you are subscribed to Breaking Points. You can also check 190 00:10:06,600 --> 00:10:08,840 Speaker 4: out my YouTube channel where I talk about media and 191 00:10:08,840 --> 00:10:11,680 Speaker 4: politics and things link in the description linking and sharing 192 00:10:11,840 --> 00:10:14,080 Speaker 4: always helps. Thank you to Breaking Points. Thank you so 193 00:10:14,120 --> 00:10:15,840 Speaker 4: much for watching, and I will see you in the 194 00:10:15,920 --> 00:10:16,559 Speaker 4: next one. 195 00:10:19,559 --> 00:10:23,120 Speaker 7: Is we Work two point zero upon us. My name 196 00:10:23,160 --> 00:10:25,960 Speaker 7: is James Lee and you're watching beyond the Headlines on 197 00:10:26,240 --> 00:10:38,440 Speaker 7: Breaking Points after his turbulent departure from We Work and 198 00:10:38,600 --> 00:10:42,240 Speaker 7: amid new speculation of a possible reconciliation as his former 199 00:10:42,280 --> 00:10:47,880 Speaker 7: company struggles in bankruptcy. Adam Newman has embarked on another venture, Flow, 200 00:10:48,040 --> 00:10:51,439 Speaker 7: a still very secretive real estate startup, which is now 201 00:10:51,559 --> 00:10:55,760 Speaker 7: valued at one billion dollars, bolstered by a significant three 202 00:10:55,840 --> 00:10:58,839 Speaker 7: hundred and fifty million dollar investment from Mark Andreesen and 203 00:10:58,920 --> 00:11:01,120 Speaker 7: his venture capital firm A sixteen Z. 204 00:11:01,679 --> 00:11:04,720 Speaker 5: We own three thousand apartments that we're running. We have 205 00:11:04,760 --> 00:11:07,360 Speaker 5: over one hundred and fifty employees. The business model that 206 00:11:07,440 --> 00:11:11,640 Speaker 5: we have is a vertically integrated system. We own the buildings, 207 00:11:11,920 --> 00:11:16,000 Speaker 5: we operate the buildings, We build a technology, we build 208 00:11:16,000 --> 00:11:18,280 Speaker 5: a community, and we build the teams up running them. 209 00:11:18,679 --> 00:11:23,559 Speaker 7: Vertical integration, technology, community, buzzword after buzzword. So to try 210 00:11:23,600 --> 00:11:27,360 Speaker 7: and figure out what Flow actually is, I recently went 211 00:11:27,480 --> 00:11:30,920 Speaker 7: undercover inside one of their apartment buildings, the guy. 212 00:11:30,760 --> 00:11:33,760 Speaker 1: That found few business. 213 00:11:34,520 --> 00:11:36,840 Speaker 7: Yes, do you see that? 214 00:11:38,600 --> 00:11:40,360 Speaker 1: Do you really any toms here? 215 00:11:41,520 --> 00:11:43,199 Speaker 7: That video is on my YouTube channel fifty one to 216 00:11:43,240 --> 00:11:46,120 Speaker 7: forty nine with James Lee. Definitely check it out. But 217 00:11:46,200 --> 00:11:49,360 Speaker 7: today to give us even more insider knowledge into Flow, 218 00:11:49,520 --> 00:11:51,720 Speaker 7: we have with us, say front of the show, Ben Bergman. 219 00:11:51,880 --> 00:11:55,000 Speaker 7: He is a senior correspondent and business insider, where he 220 00:11:55,160 --> 00:11:58,160 Speaker 7: was the first reporter to set foot inside flows first 221 00:11:58,200 --> 00:12:02,400 Speaker 7: apartment building, which is located in Fort Lauderdale called Society 222 00:12:02,480 --> 00:12:03,319 Speaker 7: Las Olas. 223 00:12:03,600 --> 00:12:05,280 Speaker 1: Welcome, Ben, Thanks good to be here. 224 00:12:05,920 --> 00:12:10,280 Speaker 7: All right, I want to start first with the original 225 00:12:10,520 --> 00:12:13,640 Speaker 7: A sixteen Z's three hundred and fifty million dollars funding 226 00:12:13,679 --> 00:12:18,199 Speaker 7: announcement of flow, which I would say was imbued heavily 227 00:12:18,280 --> 00:12:21,520 Speaker 7: with this rhetoric about solving America's housing crisis, the need 228 00:12:21,559 --> 00:12:25,080 Speaker 7: for more human connection. But then the solution, it seems 229 00:12:25,120 --> 00:12:28,280 Speaker 7: like now that they've presented, is just luxury condos. So 230 00:12:28,880 --> 00:12:31,040 Speaker 7: I don't know, maybe it's just me that's missing the sauce, 231 00:12:31,080 --> 00:12:32,920 Speaker 7: But can you help us square those two ideas? How 232 00:12:32,960 --> 00:12:33,720 Speaker 7: do they connect? 233 00:12:34,200 --> 00:12:34,400 Speaker 5: Yeah? 234 00:12:34,440 --> 00:12:36,400 Speaker 1: I mean, this wouldn't be the first time that Silicon 235 00:12:36,480 --> 00:12:39,600 Speaker 1: Valley over sold something or made it seem more grand 236 00:12:39,600 --> 00:12:42,920 Speaker 1: than it really was. But yeah, when it was announced 237 00:12:43,040 --> 00:12:45,920 Speaker 1: A sixteen Z Andres and Horowitz, one of the most prestigious, 238 00:12:45,960 --> 00:12:48,840 Speaker 1: biggest venture firms out there, said you know, this is 239 00:12:48,880 --> 00:12:52,240 Speaker 1: what we're going to do to solve America's housing crisis. 240 00:12:52,520 --> 00:12:54,520 Speaker 1: And so a lot of people have been curious, what 241 00:12:54,679 --> 00:12:57,280 Speaker 1: exactly are they going to do or is it like 242 00:12:57,320 --> 00:12:59,720 Speaker 1: a rent to own model? Are they going to use crypto? 243 00:13:00,640 --> 00:13:02,760 Speaker 1: How are they going to use tech, and when I 244 00:13:02,840 --> 00:13:05,280 Speaker 1: actually visited the building, when I was the first reporter 245 00:13:05,400 --> 00:13:09,360 Speaker 1: to visit in November, it actually was pretty low tech 246 00:13:09,480 --> 00:13:12,800 Speaker 1: and not unlike a lot of other buildings that I've 247 00:13:12,880 --> 00:13:14,680 Speaker 1: visited that aren't flow properties. 248 00:13:15,480 --> 00:13:19,160 Speaker 7: Yeah, so they outlined four or Newman specifically has outlined 249 00:13:19,240 --> 00:13:21,400 Speaker 7: what he calls the four pillars of flow. He's talking 250 00:13:21,480 --> 00:13:26,080 Speaker 7: about a branded technology company, a real estate company. There's 251 00:13:26,080 --> 00:13:29,880 Speaker 7: also potentially going to be a financial services component, and 252 00:13:30,120 --> 00:13:32,680 Speaker 7: a mechanism that will quote unquote share some of the 253 00:13:32,800 --> 00:13:36,960 Speaker 7: value or the venture's value with the value creator in 254 00:13:37,000 --> 00:13:39,120 Speaker 7: this case it's the renter. I know they only have 255 00:13:39,160 --> 00:13:41,560 Speaker 7: that one building so far that's been branded, But based 256 00:13:41,600 --> 00:13:43,960 Speaker 7: on your behind the scenes axis, how many of these 257 00:13:44,000 --> 00:13:46,720 Speaker 7: pillars have they been able to incorporate in the business 258 00:13:46,720 --> 00:13:49,439 Speaker 7: model so far? And are they looking If not, are 259 00:13:49,440 --> 00:13:50,320 Speaker 7: they looking to do more? 260 00:13:51,200 --> 00:13:51,440 Speaker 5: Yeah? 261 00:13:51,480 --> 00:13:54,120 Speaker 1: I mean it's still very much in the preliminary stages, 262 00:13:54,160 --> 00:13:57,240 Speaker 1: and even the building I visited it is the farthest along, 263 00:13:57,360 --> 00:14:00,160 Speaker 1: but it's not yet branded as a flow property. No 264 00:14:00,240 --> 00:14:03,040 Speaker 1: one walking by or even living there would really know 265 00:14:03,360 --> 00:14:06,000 Speaker 1: that it's associated with Adam Newman. So I'd say that 266 00:14:06,040 --> 00:14:10,440 Speaker 1: these things are pretty conceptual unlike we work, Flow is 267 00:14:10,559 --> 00:14:14,360 Speaker 1: moving very slowly, and that's by design we work. I 268 00:14:14,400 --> 00:14:17,560 Speaker 1: think a lot of people associated with Flow feel like 269 00:14:17,640 --> 00:14:21,600 Speaker 1: moved too quickly. They were pushed by SoftBank, if you 270 00:14:21,680 --> 00:14:26,480 Speaker 1: accept that explanation to just expand so quickly. So Flow 271 00:14:26,560 --> 00:14:28,920 Speaker 1: is trying to do it much slower. 272 00:14:29,400 --> 00:14:31,080 Speaker 7: They So can you talk to me a little did you? 273 00:14:31,080 --> 00:14:33,960 Speaker 7: Were you able to see any of the technology side 274 00:14:33,960 --> 00:14:36,320 Speaker 7: of things. I know that there's this app that they're 275 00:14:36,360 --> 00:14:39,280 Speaker 7: working on, which in your article you described it as 276 00:14:40,000 --> 00:14:43,280 Speaker 7: a Flow executive described it as a lubricant of the building. 277 00:14:44,200 --> 00:14:47,600 Speaker 7: I've stayed in apartments before, not even nice apartments, but 278 00:14:47,600 --> 00:14:49,440 Speaker 7: they also have an app. So how is this that 279 00:14:49,560 --> 00:14:50,120 Speaker 7: much different? 280 00:14:50,960 --> 00:14:51,240 Speaker 5: Yeah? 281 00:14:51,320 --> 00:14:54,200 Speaker 1: I mean I was able to view the app, or 282 00:14:54,200 --> 00:14:57,600 Speaker 1: at least a prototype of it. And you know a 283 00:14:57,600 --> 00:15:00,320 Speaker 1: lot of modern buildings, yes, you can pay rent and 284 00:15:00,400 --> 00:15:04,640 Speaker 1: you can you know, request maintenance and other things, but 285 00:15:04,720 --> 00:15:09,480 Speaker 1: this is different. For one thing, it's all seamless, it's 286 00:15:09,560 --> 00:15:12,600 Speaker 1: much easier to use. It also allows you to connect 287 00:15:12,600 --> 00:15:16,000 Speaker 1: with other residents. It could be something that you could 288 00:15:16,120 --> 00:15:18,560 Speaker 1: use at all Flow properties. It allows you to do 289 00:15:18,920 --> 00:15:22,320 Speaker 1: commerce to you know, promote your business, and to have 290 00:15:22,400 --> 00:15:25,320 Speaker 1: playlists in the building. So yes, a lot of buildings 291 00:15:25,440 --> 00:15:27,560 Speaker 1: use apps. But the idea is that this would be 292 00:15:27,600 --> 00:15:28,600 Speaker 1: a lot better than that. 293 00:15:29,360 --> 00:15:29,800 Speaker 5: Got it. 294 00:15:29,920 --> 00:15:32,640 Speaker 7: And to go to the second pillar, the real estate 295 00:15:32,680 --> 00:15:35,880 Speaker 7: component of it is this, is there something different to 296 00:15:35,920 --> 00:15:40,640 Speaker 7: this business model than to say, traditional real estate investing? 297 00:15:41,840 --> 00:15:45,440 Speaker 1: Well not really, and that's you know, part of the 298 00:15:45,480 --> 00:15:50,400 Speaker 1: puzzlement around this, right because real estate is very asset heavy. 299 00:15:50,440 --> 00:15:52,960 Speaker 1: You have to own the buildings. That's a business that's 300 00:15:53,000 --> 00:15:55,080 Speaker 1: been around for a long time. It's certainly not a 301 00:15:55,120 --> 00:15:59,480 Speaker 1: tech business. It's much lower margins. There's not like any secret, 302 00:15:59,560 --> 00:16:02,280 Speaker 1: it's not scalable, so just like we work. I think 303 00:16:02,280 --> 00:16:04,640 Speaker 1: there's a lot of questions about how this would be 304 00:16:04,680 --> 00:16:07,360 Speaker 1: a tech company given that you have to have the 305 00:16:07,440 --> 00:16:08,000 Speaker 1: real estate. 306 00:16:08,440 --> 00:16:11,560 Speaker 7: How quickly are they able or are they wanting to 307 00:16:11,640 --> 00:16:15,560 Speaker 7: incorporate new properties because I know, based on my research, 308 00:16:15,680 --> 00:16:19,000 Speaker 7: Adam Newman owns a number of different properties all over 309 00:16:19,000 --> 00:16:22,640 Speaker 7: the country. So what's the pipeline looking like in terms 310 00:16:22,680 --> 00:16:25,480 Speaker 7: of branding it as a flow property. 311 00:16:26,000 --> 00:16:30,720 Speaker 1: Yeah, so he owns about five of these and you know, 312 00:16:31,120 --> 00:16:34,000 Speaker 1: but certain ones of them are under contract, so they 313 00:16:34,040 --> 00:16:38,240 Speaker 1: can't be run by flow yet, but I eventually they 314 00:16:38,240 --> 00:16:42,000 Speaker 1: would be. But there's also other buildings where he can 315 00:16:42,160 --> 00:16:46,200 Speaker 1: operate more quickly. So they've been vague about the timeline. 316 00:16:46,240 --> 00:16:48,160 Speaker 1: This one I visited will be the first one this 317 00:16:48,280 --> 00:16:51,080 Speaker 1: year to be actually unveiled as a flow property, but 318 00:16:51,120 --> 00:16:53,320 Speaker 1: they haven't even said when they're doing that. They've said 319 00:16:53,360 --> 00:16:56,720 Speaker 1: early twenty twenty four, and then after that maybe a 320 00:16:56,760 --> 00:16:57,520 Speaker 1: couple more. 321 00:16:58,120 --> 00:17:02,600 Speaker 7: And the finance services component of it, what is that 322 00:17:02,680 --> 00:17:07,120 Speaker 7: looking like? Is that an incorporation of crypto or are 323 00:17:07,160 --> 00:17:09,800 Speaker 7: there other things? You know, is there going to be 324 00:17:09,840 --> 00:17:13,639 Speaker 7: some kind of model where the renter is somehow going 325 00:17:13,680 --> 00:17:18,199 Speaker 7: to be more tied to the property than just the 326 00:17:18,280 --> 00:17:20,439 Speaker 7: traditional you know, paying rent. 327 00:17:21,080 --> 00:17:23,800 Speaker 1: There was talk of crypto when it was first announced, 328 00:17:23,840 --> 00:17:27,399 Speaker 1: and Adam Newman did have some crypto ventures, but that 329 00:17:27,760 --> 00:17:30,679 Speaker 1: doesn't seem to be the case as much now. I 330 00:17:30,680 --> 00:17:34,119 Speaker 1: think the idea is that, you know, for most people, 331 00:17:34,440 --> 00:17:37,800 Speaker 1: the biggest expense every month easily is what they spend 332 00:17:37,840 --> 00:17:41,920 Speaker 1: on rent, So they are already controlling that and they 333 00:17:41,960 --> 00:17:44,719 Speaker 1: can use that in many other ways to help, you know, 334 00:17:45,240 --> 00:17:47,879 Speaker 1: you spend money in other ways, and also make it 335 00:17:47,960 --> 00:17:51,280 Speaker 1: all sort of an app on your wallet. And also 336 00:17:51,480 --> 00:17:53,879 Speaker 1: just like you get credit card or board points, you 337 00:17:53,920 --> 00:17:57,359 Speaker 1: would get rewards for being loyal there, or to businesses 338 00:17:57,400 --> 00:18:00,879 Speaker 1: they select, or there's also the example of you know, 339 00:18:00,960 --> 00:18:04,520 Speaker 1: they know that you are really into dogs, so they 340 00:18:04,560 --> 00:18:08,240 Speaker 1: could help you find dog walking services, or if you're 341 00:18:08,280 --> 00:18:10,679 Speaker 1: a die walker, they could help you advertise that. So 342 00:18:10,720 --> 00:18:14,000 Speaker 1: they really feel like that's underutilized in apartments right now. 343 00:18:14,840 --> 00:18:16,040 Speaker 7: What is this community building? 344 00:18:16,040 --> 00:18:16,200 Speaker 1: Ask? 345 00:18:16,200 --> 00:18:17,399 Speaker 7: But were you able to talk to any of the 346 00:18:17,440 --> 00:18:21,159 Speaker 7: residents at Society les Olus, what's been their experience, what 347 00:18:21,200 --> 00:18:24,720 Speaker 7: are they looking forward to and is this really something 348 00:18:24,760 --> 00:18:26,400 Speaker 7: that renters are looking for. 349 00:18:27,320 --> 00:18:29,120 Speaker 1: I was able to talk to a couple of residents, 350 00:18:29,119 --> 00:18:32,960 Speaker 1: and granted, the residents I've talked to were selected to 351 00:18:33,000 --> 00:18:36,440 Speaker 1: me by flow, so said they were naturally predisposed to 352 00:18:36,600 --> 00:18:39,119 Speaker 1: like it, but they did really love being there, and 353 00:18:38,840 --> 00:18:42,680 Speaker 1: they found that this social commerce aspect, so to speak, 354 00:18:42,800 --> 00:18:45,720 Speaker 1: was so lucrative for them that they would live there 355 00:18:46,160 --> 00:18:47,959 Speaker 1: or at least have a place there, even if they 356 00:18:47,960 --> 00:18:51,120 Speaker 1: weren't living there, because they said, you know, they've been 357 00:18:51,160 --> 00:18:54,480 Speaker 1: able to meet a lot of customers and really help 358 00:18:54,520 --> 00:18:57,160 Speaker 1: grow their business. And you know, I think that's certainly 359 00:18:57,240 --> 00:19:01,200 Speaker 1: true for certain businesses, like I talked to one guy 360 00:19:01,200 --> 00:19:05,080 Speaker 1: who was selling insurance and there you're trying to constantly 361 00:19:05,119 --> 00:19:08,040 Speaker 1: meet people. If you're just you know, a professional, not 362 00:19:08,080 --> 00:19:10,560 Speaker 1: trying to meet customers, it's not as clear how flow 363 00:19:10,600 --> 00:19:13,440 Speaker 1: would help you. But this is something they're very into, 364 00:19:13,800 --> 00:19:17,160 Speaker 1: and you know, I think actually makes more sense than 365 00:19:17,200 --> 00:19:20,160 Speaker 1: we work. I've worked at we work for a long time, 366 00:19:20,960 --> 00:19:24,159 Speaker 1: but I've never actually really met anyone else that we 367 00:19:24,240 --> 00:19:26,840 Speaker 1: work aside from my immediate colleagues. But I think when 368 00:19:26,880 --> 00:19:30,199 Speaker 1: you're spending all day and all night with people in 369 00:19:30,359 --> 00:19:33,080 Speaker 1: a building, you're much more likely to interact with them. 370 00:19:33,720 --> 00:19:36,840 Speaker 7: So it sounds like this building is all encompassing. Obviously 371 00:19:36,840 --> 00:19:40,199 Speaker 7: you live there, but there's also an office component, you 372 00:19:40,240 --> 00:19:45,000 Speaker 7: have working spaces, it's they definitely have recreational spaces, pools, 373 00:19:45,200 --> 00:19:49,480 Speaker 7: lounges and things like that. So is the idea here 374 00:19:50,040 --> 00:19:51,280 Speaker 7: that you just never have to leave? 375 00:19:52,920 --> 00:19:53,200 Speaker 5: Yeah? 376 00:19:53,280 --> 00:19:55,399 Speaker 1: I mean that That is what I was told several 377 00:19:55,440 --> 00:19:59,320 Speaker 1: times by residents, is I never have to leave because yes, 378 00:19:59,440 --> 00:20:03,040 Speaker 1: it is all there. You wouldn't need we work, right 379 00:20:03,240 --> 00:20:06,800 Speaker 1: because there is like a nicer or as nice coworking 380 00:20:06,840 --> 00:20:09,359 Speaker 1: space there. You would have all your friends there, you 381 00:20:09,359 --> 00:20:11,280 Speaker 1: would have the amenities, and you would have so many 382 00:20:11,320 --> 00:20:14,200 Speaker 1: things going on. I mean, they do help plan trips 383 00:20:14,240 --> 00:20:17,400 Speaker 1: and other events. But the idea is that everything would 384 00:20:17,440 --> 00:20:19,640 Speaker 1: be under the Flow umbrella. 385 00:20:19,920 --> 00:20:25,560 Speaker 7: And then the ownership aspect. This idea that Adam Newman 386 00:20:25,600 --> 00:20:28,720 Speaker 7: through out there letting the tenants build equity, is that 387 00:20:28,840 --> 00:20:31,000 Speaker 7: something that's actually on the table at Flow or is 388 00:20:31,000 --> 00:20:34,720 Speaker 7: this more of just rhetoric from the initial announcement to say, hey, 389 00:20:34,720 --> 00:20:36,400 Speaker 7: we're going to solve the housing crisis. 390 00:20:37,400 --> 00:20:40,080 Speaker 1: This was probably something that got the most attention, the 391 00:20:40,080 --> 00:20:43,879 Speaker 1: most head scratching, because Adam Newman and also Mark and 392 00:20:43,960 --> 00:20:46,720 Speaker 1: Dreasen did allude to this that you know, Mark and 393 00:20:46,800 --> 00:20:49,680 Speaker 1: Dreasen said, well, I kind of marveling at how people 394 00:20:49,680 --> 00:20:53,680 Speaker 1: will pay rent for ten years and never own anything, 395 00:20:54,760 --> 00:20:58,080 Speaker 1: but that really seems to not be the case. Adam 396 00:20:58,119 --> 00:21:00,520 Speaker 1: Newman's camp, you know, has been very rare of any 397 00:21:00,520 --> 00:21:03,720 Speaker 1: connotations with rent to own, and what it would look 398 00:21:03,800 --> 00:21:06,720 Speaker 1: like is much more like a loyalty program, like a 399 00:21:06,760 --> 00:21:10,639 Speaker 1: frequent flyer program, so you would have loyalty to the building, 400 00:21:10,720 --> 00:21:14,040 Speaker 1: but not any sort of actually getting equity in your apartment. 401 00:21:14,680 --> 00:21:18,919 Speaker 7: Okay, so I don't know about you, but I'm not 402 00:21:19,440 --> 00:21:21,320 Speaker 7: personally sure how Flow is going to do anything to 403 00:21:21,359 --> 00:21:23,280 Speaker 7: solve the housing crisis. But I do want to touch 404 00:21:23,400 --> 00:21:28,639 Speaker 7: on the business side of things. So they raised three 405 00:21:28,720 --> 00:21:31,919 Speaker 7: hundred fifty million dollars initially from Andrews and Horowitz. What 406 00:21:31,960 --> 00:21:33,960 Speaker 7: do you know, what is the current valuation right now? 407 00:21:33,960 --> 00:21:37,120 Speaker 7: What's the long term goal? Specifically, is there an exit strategy? 408 00:21:37,240 --> 00:21:39,000 Speaker 7: Is this going to go in the direction of we 409 00:21:39,160 --> 00:21:42,960 Speaker 7: work or is this the next potentially Wall Street juggernaut 410 00:21:43,560 --> 00:21:45,560 Speaker 7: in the real estate sector. 411 00:21:46,359 --> 00:21:48,920 Speaker 1: Well, so, yeah, they raised three hundred and fifty million 412 00:21:48,920 --> 00:21:52,040 Speaker 1: from Andreyes. Adam Newman also put in three hundred and 413 00:21:52,040 --> 00:21:55,520 Speaker 1: fifty million. That was at a billion dollar valuation, and 414 00:21:55,560 --> 00:21:58,800 Speaker 1: that's still the valuation. There has not been new funding, 415 00:21:59,240 --> 00:22:02,240 Speaker 1: and I think they're trying to you know, I'm sure 416 00:22:02,280 --> 00:22:05,800 Speaker 1: that Andreas and Adam Newman did not get into this 417 00:22:05,920 --> 00:22:08,399 Speaker 1: to make a one billion dollar company. They would like 418 00:22:08,480 --> 00:22:12,480 Speaker 1: a much more valuable company. But they they say, at 419 00:22:12,560 --> 00:22:15,240 Speaker 1: least they are trying to build the business slowly, really 420 00:22:15,280 --> 00:22:18,920 Speaker 1: pay attention to the details rather than what happened when 421 00:22:18,960 --> 00:22:20,680 Speaker 1: we work, which is trying to make it, you know, 422 00:22:20,720 --> 00:22:23,960 Speaker 1: a trillion dollar company or just something that grew so 423 00:22:24,160 --> 00:22:27,199 Speaker 1: quickly that they kind of lost track of. 424 00:22:27,800 --> 00:22:29,439 Speaker 7: Yeah, is this do you think this is something that 425 00:22:29,440 --> 00:22:34,280 Speaker 7: they're eventually going to offload or is it going to IPO. 426 00:22:35,040 --> 00:22:37,359 Speaker 1: I mean, I think that's a that's a ways off 427 00:22:38,680 --> 00:22:41,879 Speaker 1: I don't think that's that's really the thought now. I 428 00:22:41,920 --> 00:22:44,639 Speaker 1: mean the thought is to build it into a huge 429 00:22:44,680 --> 00:22:47,840 Speaker 1: brand and a huge business and then worry about that later, 430 00:22:48,480 --> 00:22:49,080 Speaker 1: all right, got it? 431 00:22:49,160 --> 00:22:53,080 Speaker 7: Yeah, So then eventually every city will have a Flow property. 432 00:22:53,080 --> 00:22:54,800 Speaker 7: Everybody's gonna love it. It's going to be kind of 433 00:22:54,840 --> 00:23:00,560 Speaker 7: a utopian little a slice of utopia, if you might, 434 00:23:00,760 --> 00:23:01,720 Speaker 7: in every single city. 435 00:23:02,080 --> 00:23:03,040 Speaker 1: Yes, exactly. 436 00:23:03,600 --> 00:23:06,000 Speaker 7: All right, Well, so we'll have to see how that 437 00:23:06,040 --> 00:23:09,280 Speaker 7: all shakes out. But Ben, I know you're on Business Insider, 438 00:23:09,320 --> 00:23:12,280 Speaker 7: but anywhere else in particular you want to point viewers 439 00:23:12,560 --> 00:23:13,800 Speaker 7: if they want to find more of your. 440 00:23:13,720 --> 00:23:16,960 Speaker 1: Work, Yeah, you can just find me on Twitter at 441 00:23:17,000 --> 00:23:17,679 Speaker 1: the Ben Bergman. 442 00:23:17,720 --> 00:23:21,159 Speaker 7: I'm on Twitter X. I guess it is now awesome? 443 00:23:21,200 --> 00:23:23,120 Speaker 7: All right, Well, Ben, thank you so much for coming 444 00:23:23,160 --> 00:23:25,800 Speaker 7: on the show today. I really appreciate your time and 445 00:23:25,840 --> 00:23:29,359 Speaker 7: your insights. Thanks so much, anytime if you like to 446 00:23:29,440 --> 00:23:31,760 Speaker 7: learn a little bit more about Flow. I also did 447 00:23:31,800 --> 00:23:35,040 Speaker 7: a deep dive documentary style investigation in which I even 448 00:23:35,080 --> 00:23:38,840 Speaker 7: went undercover at Society Los Olas. The video is posted 449 00:23:38,840 --> 00:23:41,560 Speaker 7: on my YouTube channel fifty one forty nine with James Lee. 450 00:23:41,920 --> 00:23:44,040 Speaker 7: Head on over check that out, give me a follow. 451 00:23:44,080 --> 00:23:46,960 Speaker 7: The link will be in the description below. As always, 452 00:23:47,160 --> 00:23:49,080 Speaker 7: like to thank you for your time today and keep 453 00:23:49,119 --> 00:23:50,679 Speaker 7: on tuning into breaking points.