The sadder reality is that they probably did a cash out refi with the bank giving them an inflated appraisal based on them being able to rent it for 70k per month, and absurd cap rates that are no longer valid. So at 45k per month, they can’t afford the debt payments, and the money they cashed out has already been spent on a new car, vacations, and other luxury items.
Now extrapolate that across the entire rental market, and you have a good idea of what the current situation looks like. No way this could possibly go wrong.
Helping my Dad move because they raised his rent from $405 (very below market) to $900. They raised the woman down the hall to $900 for a studio that hasn’t been improved yet. A tiny rathole studio in a semi-sketchy neighborhood of KC.
They want tenants out so they can finish improving the units and charge more. It’s basically a way of evicting people w/o actually evicting them.
They even sent him the Missouri state law that forbids any city from enacting rent control: “The landlord can raise rent to any amount for any reason, with no advance notice required.” Nice unobtrusive small government there guys.
The rent market where I live is insane. I dont know how low wage workers get by. Min wage is 12.50. And the cheapest 1 bedroom you can find is around 1200. Prices are up 25% or more y/y.
I think that has to do with the definition of drop, which is the amount of chips that are purchased. The same chips can be wagered multiple times. That means the win as a percentage of drop will be higher than the house edge, which is the win as a percentage of the amount wagered.
JPMorgan Chase CEO Jamie Dimon says he is preparing the biggest U.S. bank for an economic hurricane on the horizon and advised investors to do the same.
“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added.
“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
He lambasted investors for voting along with proxy advisors like Glass Lewis, which has disagreed with JPMorgan’s board on recent matters including executive compensation and whether the bank should separate the chairman and CEO roles in the future.
“Shame on you if that’s how you vote,” Dimon said. “Seriously, you should be embarrassed. Do your own homework.”
Companies are being driven out of public markets “because of litigation, regulation, press, cookie-cutter governance,” he added.
Jamie Dimon is obviously a smart guy and I actually like hearing his takes generally but he is extremely arrogant and, like all people, should be ignored on matters where he has a massive conflict of interest.
The idea he is a unique snowflake who is singularly capable of effectively running JPM is transparently fucking absurd.
In case anyone needs to sell $40 million of a single stock, this guy started a super helpful bogleheads thread for this obviously very common situation:
